"Rich Countries Keep Funding Our Demise"

"The world’s most powerful entities continue to pour public money into fossil fuel projects—despite repeated promises to stop".

"The most powerful countries in the world keep ratcheting up public funding for fossil fuel projects and increasing emissions—despite the fact that continued investment in dirty fuels could push us beyond the warming targets laid out in the Paris Agreement.

Last year, the G20, which is composed of 19 of the world’s wealthiest countries and the European Union, ramped up funding for dirty fuels by a stunning 29%, a new report shows. In total, members of the G20 put $190 billion of public money toward fossil fuel projects.

“Too much public finance for energy in the G20 is still skewed towards the fossil fuel industry,” Ipek Gençsü, a research fellow at the Overseas Development Institute and one of the lead authors of the report, said in a statement.

The Climate Transparency report, released last week, is authored by a group of international partners that keep track of international climate finance. This version is the eighth annual report of its kind, and it illustrates the bumpy trajectory the world’s wealthiest governments are taking in continuing to prop up dirty fuels."

Molly Taft reports for Earther October 25, 2022.

Source: Earther, 10/26/2022