The number of countries committing to phase out coal power grew Thursday, along with pledges to end public financing for it and for the fossil-fuel sector, as the COP26 climate conference in Glasgow focused on energy transition.
"We have been clear that COP26 must be the COP that consigns coal to history. With these ambitious commitments we are seeing today, the end of coal power is now within sight," COP26 President Alok Sharma said in a statement.
At least 23 countries made new commitments to phase out coal power, including five of the world's top 20 coal power-using countries: South Korea, Indonesia, Vietnam, Poland and Ukraine.
Major international banks committed at COP26 to effectively end public financing for new coal power, while other financial institutions, including HSBC, Fidelity International and Ethos, committed to end private funding for unabated coal.
Ending public subsidies for fossil fuels was a new priority for the United Nations' Conference of the Parties, which have met for nearly three decades.
At least 25 countries and public finance institutions pledged to end public support for the fossil-fuel industry by the end of 2022. That could shift as much as $17 billion each year away from fossil fuels subsidies and into the clean energy transition.
With the 2022 end date, officials at COP26 said in the statement Thursday that it sets a new standard for international public finance to align with the Paris Agreement, and "sends a clear signal for private investors to follow." The number of new coal plants planned since the Paris Agreement was adopted in 2015 has dropped by 76%, representing cancellation of more than 1,000 gigawatts of new coal plants, COP26 officials said.
Large institutional investors like the $489.9 billion California Public Employees' Retirement System, Sacramento, have pushed for ending fossil-fuel subsidies.
The joint statement to end the subsidies was organized by the U.K. and signed by the U.S., Italy, Canada and Denmark among others. It also pledged support for a clean energy transition, while developed nations renewed their support for helping developing nations transition to clean energy.
The Powering Past Coal Alliance co-chaired by the U.K. and Canada to phase out coal added 28 new member countries, including Chile and Singapore.
Other countries committed to build no new coal plants or move toward clean power sources, through partnerships with climate investment funds and government banks like the Asian Development Bank to support the early retirement of coal plants.
Six countries in Africa and five in Latin America launched green hydrogen alliances aimed at kick-starting production of near-zero-carbon green hydrogen for use by industries worldwide.