its investment partners launched an US$8.5-billion plan to shift from coal toward green energy at the Cop27 climate summit, in a potentially landmark deal for the transition away from fossil fuels.
It marks a breakthrough in bringing middle-income countries, which are often highly indebted and lack a green regulatory framework, on board with efforts to keep global warming to 1.5 deg C. It provides a template for nations such as Indonesia and India, and is symbolically important after Russia’s invasion of Ukraine spurred demand for the dirtiest fossil fuel.
That’ll buy a lot of candles.
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