Ministers from world’s biggest economies reach agreement that could shift estimated $33bn a year to clean energy sources

The world’s biggest economies are to stop funding any overseas fossil fuel development from the end of this year, in a move likely to choke off some of the investment in “carbon bombs” that are imperilling efforts to meet the world’s climate targets.

The agreement could shift about $33bn (£26bn) a year from fossil fuels to clean energy sources, according to analysts’ estimates.