On the occasion of COP26, where world leaders discuss the urgent actions needed to avoid catastrophic climate change, FMO has committed to the Statement on International Public Support for the Clean Energy Transition, initiated by the UK government.
Signatories will pursue international public support towards the clean energy transition and out of unabated fossil fuels. Further, signatories agree to end new direct public support for the international unabated fossil fuel energy sector by the end of 2022, except in limited and clearly defined circumstances that are consistent with the 1.5°C warming limit and the goals of the Paris Agreement.
The Statement on International Public Support for the Clean Energy Transition is in line with FMO’s Position Statement on Fossil Fuels in Direct Investments published and effective in June 2021. This Position Statement sets out FMO’s firm commitment to end the financing of fossil fuels in direct investments except in exceptional circumstances with clear criteria consistent with the goals of the Paris Agreement.
Our commitment to the Statement is also driven by its emphasis on supporting the clean energy transition. Energy is a driver for development and growth. Currently, over 840 million people across the world do not have access to electricity. As stated in FMO’s Position Statement, it is our priority to actively seek direct investment opportunities that support low-carbon economic growth in our countries of operation, including renewable energy and new technological developments.
We encourage our peers and counterparts to take these steps with us and look forward to working together with other signatories to make the energy transition a just and speedy one to reach our common goal of achieving the 1.5°C warming limit.
Michael Jongeneel, CEO at FMO said: "Achieving the climate goals is not an option but a necessity, especially for developing countries that are affected the most by climate change. Every company, every organization and every person should take responsibility in this. We are committed to financing renewable energy and reducing inequality; and will encourage others to do the same."
Please see below for the full statement.
Statement on International Public Support for the Clean Energy Transition
On the occasion of COP26, we the [undersigned] commit to the following actions to align our international public support towards the clean energy transition and out of unabated fossil fuels. Our joint action is necessary to ensure the world is on an ambitious, clearly defined pathway towards net zero emissions, that is consistent with the 1.5°C warming limit and goals of the Paris Agreement, as well as best available science and technology. These measures will help stimulate sustainable, resilient and inclusive economic development globally, and support a just transition for affected communities:
In committing to the above, we furthermore recognise: