G7 countries channel billions more into fossil fuels

G7 countries have pumped billions more into fossil fuels than they have given to clean energy since the pandemic began, despite its commitment to green recovery, according to 'The Guardian'.

A recent study revealed on the eve of the G7 summit in the UK that participating nations have committed 154.75 billion euros to support fossil fuels (oil, coal and natural gas) between January 2020 and March this year.

On the other hand, the same countries - the UK, US, Canada, Italy, France, Germany, and Japan - spent 120.36 billion euros on clean forms of energy.

Support for fossil fuels from G7 members included measures to eliminate or decrease environmental regulations, as well as direct funding of oil, gas and coal.

Analysis carried out by Tearfund, the International Institute for Sustainable Development, and the Overseas Development Institute showed that nations failed to take advantage of the opportunities available to them to green their response to the pandemic.

In most cases, the money provided to fossil fuel industries was allocated without any commitment, and not with conditions requiring a reduction in emissions or pollution.

Share this article

Leave a Reply

Your email address will not be published.