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G7 Nations Committing Billions More To Fossil Fuel Than Green Energy

Thursday June 3, 2021. 05:30 AM , from Slashdot
An anonymous reader quotes a report from The Guardian: The nations that make up the G7 have pumped billions of dollars more into fossil fuels than they have into clean energy since the Covid-19 pandemic, despite their promises of a green recovery. As the UK prepares to host the G7 summit, new analysis reveals that the countries attending committed $189 billion to support oil, coal and gas between January 2020 and March 2021. In comparison, the same countries -- the UK, US, Canada, Italy, France, Germany and Japan -- spent $147 billion on clean forms of energy. The support for fossil fuels from seven of the world's richest nations included measures to remove or downgrade environmental regulations as well as direct funding of oil, gas and coal.

The analysis from the development charity Tearfund, the International Institute for Sustainable Development and the Overseas Development Institute showed that the nations missed opportunities to make their response to the pandemic greener. In most cases, money provided for fossil fuel industries was given with no strings attached, rather than with conditions requiring a reduction in emissions or pollution. The analysis found that eight in every 10 dollars spent on non-renewable energy came without conditions. This included lifelines that were thrown to the aviation and car industries, which received $115 billion from the G7 countries. Of that money, 80% was given with no attempt to force the sectors to cut their emissions in return for the support. Only one in every 10 dollars committed to the Covid-19 response benefited the 'cleanest' energies such as renewables and energy efficiency measures.

Read more of this story at Slashdot.

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