The world’s top economies have allocated $ 189 billion in epidemiological recovery funds in support of fossil fuels, despite government commitments to “rebuild green” and reduce carbon emissions.
From January 2020 to March this year, the G20 countries accounted for more than half of the $ 372bn spent on energy production and consumer activities for coal, oil and gas. Research from Terfund, A development charity, supported by two separate think-tanks.
Most of the money was transferred without any claim from the companies that helped reduce the carbon footprint “no strings attached”.
“The post-Covid economic recovery is a huge opportunity to accelerate the transition to a green economy,” said Rich Gower, a senior associate at TearFund. “Right now, the G7 isn’t taking that opportunity.”
The report includes epidemic lifelines The German government’s € 9 billion airline Lufthansa has been bailed out And িয়ন 10 billion in U.S. government assistance for airports.
Towards a nearly 7 147 billion clean energy project, such as tax incentives in Italy, people are encouraged to make their homes more efficient.
The G7 countries represent a quarter of global carbon emissions, although only 10 percent of the world’s population.
The government has raised their green commitments this year ahead of the UN climate change conference known as COP26 in Glasgow in November. More ambitious emissions reduction plans have come along with the promise of injecting money into the development of new green jobs and industries.
In May, The G7 countries have pledged to cut off all new funding for overseas coal projects Towards the end of this year and making an “accelerated effort” to limit global warming to 1.5C compared to the pre-industrial period.
Tearfund’s research, however, found that so far most of the recovery costs have been at odds with plans to adopt cleaner sources of energy.
In a separate report released on Wednesday, the International Atomic Energy Agency (IAEA) said that approval for coal-fired power plants increased by 2020, driven by projects in China and several other Asian countries.
Investment in the flowing oil and gas industry is expected to grow by about 6 percent this year, but the crisis will remain below pre-crisis levels, the IEA said.
IAEA Executive Director Fatih Biral said, “The government needs to go beyond promising to take concrete steps to accelerate investment in clean energy solutions available in the market and to encourage innovation in technology at an early stage.”
The governments of Australia, India, Korea and South Africa – guests at the G7 summit – have supported the expansion of coal production financially or through policy measures since January 2020, according to TearFund.
The researchers recommended that the G7 adopt a “do no harm” policy for all expenditures, including the attachment of a “green string” for any support for fossil fuel intensive sectors and the termination of public funding for coal, oil and gas production.
The G7 should also urge development banks to limit their activities to 1.5 degrees of global warming as well as to align their activities, the report said.
“Every penny is important,” Gower said. Spending today for dirty energy “makes fossil fuels sustainable in the future”.