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Support for fossil fuels remains high despite G20 commitment to climate crisis

A new report shows that the Group of 20 continues to provide enormous financial support for fossil fuel production and consumption, having provided more than $3.3 trillion in fossil fuel subsidies since its inception. The Paris climate agreement was signed in 2015.

The report, published by BloombergNEF and Bloomberg Philanthropies, includes three key components that need immediate action to limit the increase in global temperature to 1.5 degrees Celsius: ending fossil fuel subsidies, raising prices carbon emissions and require companies to disclose the risks posed by climate change. for their business.

This support for coal, oil and gas, according to the report’s authors, is “reckless” in the face of a growing climate catastrophe, and requires urgent action to phase it out. According to the analysis, this money could be used to build solar facilities equivalent to three times the size of the US grid.

The G-20 countries are responsible for about 3/4 of global carbon emissions, the cause of global warming.

The report says all 19 G-20 member states – the EU’s 20th bloc – continue to provide substantial financial support for fossil fuels, with subsidies falling by 2% annually from 2015 to 2019, reaching 636. billion dollars in 2019, according to the most recent data available.

However, Australia raised its fossil fuel subsidies to 48% during this time period, while Canada increased its support to 40% and the US increased its support to 37%. UK subsidies fell 18% during that time but remained at $17 billion in 2019.

China, Saudi Arabia, Russia and India provide the most subsidies, accounting for more than half of all subsidies.

Before a meeting of G-20 climate and energy ministers in Italy Friday, the United Nations climate envoy, Michael Bloomberg, founder of Bloomberg Philanthropies and the United Nations-backed Net-Zero Asset Owners Alliance, represents an investment of more than 6.6 trillion dollars, has called on governments to act.

In 2009, the G-20 agreed to phase out “inefficient” fossil fuel subsidies but did not identify as ineffective and made little progress.

“New [commitments] and zero targets from several G-20 countries are warmly welcomed,” to speak Günther Thallinger, union president.

“However, commitments and goals alone will not be enough to change course.”

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https://www.btimesonline.com/articles/150493/20210721/support-for-fossil-fuel-remains-high-despite-g20-pledge-to-tackle-climate-crisis.htm | Support for fossil fuels remains high despite G20 commitment to climate crisis

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