Britain vows to stop funding fossil fuel projects abroad

Britain is to end government funding for fossil fuel projects overseas, Prime Minister Boris Johnson said Friday, on the eve of an international climate change summit, Report says, citing the Downing Street.

Johnson announced a halt to new crude oil, gas, and coal projects before opening the Climate Ambition Summit co-hosted by Britain, the United Nations, and France on Saturday.

"I'm pleased to say today that the UK will end taxpayer support for fossil fuel projects overseas as soon as possible," Johnson said in a statement released by his office.

Britain has been criticized for sending billions of pounds abroad to help extract and refine fossil fuels and build power stations.

It has promised to end this soon while saying there will be "very limited exceptions."

"Calling time on financing overseas fossil fuel projects is a welcome move," said the policy director at Greenpeace UK, Doug Parr.

Christian Aid's head of campaigns and UK advocacy Pete Moorey said to tackle the climate crisis, 80 percent of available fossil fuels needed to be left in the ground.

"The UK government is right to heed this warning and end support for fossil fuels overseas," he added.

"Developing countries need investment to leapfrog the dirty energy that has led us into this crisis and access the clean renewable that can both accelerate their development and tackle the climate emergency."

Downing Street said it intends to implement the policy by November next year when Britain will host the UN summit on climate change COP26, in Glasgow.