UK First G20 Country to End Fossil Fuel Funds Abroad

The Government of Boris Johnson has decided to bet everything on renewable energies, turning his nation into an economy based on decarbonization that becomes a world power and a benchmark for other countries in Industry 4.0.

Within this government initiative that has already set an expiration date for vehicles equipped with a combustion engine, Boris Johnson signs a commitment to the United Nations that will directly affect the race for leadership in the fight against climate change.

The UK has become the first G20 nation to end any public funding of oil and gas projects abroad.

This measure’s objective demonstrated the country’s influence once it completes its exit from the European Union. Johnson’s strategy involves turning his nation into a benchmark for the new Industry 4.0 based on the decarbonization of the economy, making the world see that Brexit will not weaken the projection of power and influence of the United Kingdom.

Turn off the tap on oil and gas financing.

According to Downing Street: ‘The UK has supported £ 21bn (€ 23bn) in UK oil and gas exports through trade promotion and export finance’.

The Government, led by Boris Johnson, will make up to 11 million euros in an initiative that aims to support the most impoverished nations to improve their green energy sources after recovering from the pandemic.

In information published by Bloomberg, these measures will impact companies that have benefited from country support in oil and gas projects in Iraq and Ghana. This medium also indicates that “The UK also plans to work with North Sea oil and gas companies to help create global hubs for wind energy, carbon capture, and storage.”

This ban on financing any project that exploits any fossil fuel will come into force in November 2021, coinciding with the celebration of COP26 that will take place in the city of Glasgow, Scotland.

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