Netherlands signs COP26 deal to end fossil fuel investments

The Netherlands will sign a pledge to stop global investments in coal, oil, and gas after all, a spokesperson for the Ministry of Foreign Affairs said to ANP. Last week, the Netherlands said it wouldn't sign the pledge because it leaves big decisions to the next Cabinet.

The current Cabinet will send a letter to parliament confirming the Netherlands' signature on the no more fossil fuel investments pledge later today, according to NU.nl

The United Kingdom launched this pledge at the climate summit in Glasgow, saying it is time to take the plunge and stop investments in fossil fuels by 2022 to limit global warming to 1.5 degrees. Over 25 countries, including large investors like the United States and Canada, signed the pledge. The Netherlands' lack of commitment sparked criticism from the Tweede Kamer, the lower house of Dutch parliament.

The Netherlands is a relatively large investor in fossil energy projects abroad. Through export credit insurer Atradius, the Netherlands guarantees approximately 1.5 billion euros to companies active, for example, in offshore gas and oil extraction in Africa.

The European Investment Bank and development bank FMO also support the pledge. The countries that signed the pledge are now drawing almost 20 billion euros from fossil energy, according to NU.nl.