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The G7 countries will give $ 190 billion to the Fossil Fuel industry by 2020

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British Prime Minister Boris Johnson arrives at the G7 meeting of foreign ministers in London on Wednesday 5 May 2021.

British Prime Minister Boris Johnson arrives at the G7 meeting of foreign ministers in London on Wednesday 5 May 2021.
Photo: Frank Augstein (AP)

The world’s major economies have he’s made a lot of commitments lately about reducing carbon emissions, ma their actions tell a different story. A report released Tuesday finds that between January 2020 and March 2021, G7 governments have pumped up $ 190 billion to support coal, oil, and gas, with the US take the prize for the most money spent by the gross industry.

The report, written by the UK-based international relief agency Tearfund and supported by a host of other groups, reviews the entire G7 government funds given to the energy industry over a period of 14 months. The group includes Canada, France, Germany, Italy, Japan, the United Kingdom, and the SU. Avintage 80% it was given to the polluting industry with what the report does not call “green ropes” attached. It is, without requiring recipients to work to reduce emissions or clean up their acts. In contrast, the report finds, governments have approved less than $ 150 billion in funding for “clean” forms of energy over the same period of time.

“Investing in renewable energy and energy efficiency must be a primary priority to decarboniseAnd the G7 economies, ”said in a statement Lucille Dufour, senior political adviser at the International Institute for Sustainable Development, one of the groups that supported the report.“ But it will not pay off as long as the G7 countries continue. to support the fossil fuel industry. At the G7 summit, all countries must shift their international and international support away from fossil fuels, towards a fair and fossil-free one. recovery “.

Perhaps unsurprisingly, the U.S.S. was a real all-star of give money to the gross industry. According to the report, the country has been the largest supporter of fossil fuels among all G7 countries, giving $ 72 billion of the $ 100 billion spent on the oil and gas energy industries and coal. This piece of change includes investments in oil and gas companies, which have also received billions in less direct forms of government support from tax cuts and pandemic-related incentives. TThese companies have spent all that extra cash paying generously to CEOs through the pandemic while continuing to leave people. Fun!

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Meanwhile, forecasts indicate that the world has to see one of i biggest year on year jump in carbon dioxide levels. The window to deal with the worst impacts of the the climate crisis is closing soon, and cutting subsidies for fossil fuels it is one of the lowest fruits hanging for governments.

Last month, G7 environment ministers made a host of climate promises at their annual meeting., including a commitment to fully fund coal-fired power by the end of this year. The report comes exactly as G7 countries ’finance ministers prepare for a meeting later this week, where they could discuss hammering down details of how to align their control books with their climate goals –a rather daunting task if this report is an indication. All these meetings lead to the G7 annual summit later this month, where climate change will be a first item on the agenda. TThe UK, the G7’s host country this year, will also host COP26 in Glasgow in November.

It is important to remember that the world’s most powerful economies are responsible for a major part of the disorder we are in. World heads can make climate promises, ma orlu and hawing on the details rather than acting decisively will only aggravate the crisis. The report notes that these seven countries are some of the most polluting nations in the world; they host only 10% of the world’s population but they are responsible for almost 25% of the world’s carbon dioxide emissions. Looking historically, they are responsible in order almost half of all coal pollution it has always been issued. It has long passed through these countries to begin to clean up the mess they have made.


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