g20
Newsletter
G20's fossil fuel funding contradicts climate pledges
Despite commitments to combat climate change, G20 nations have significantly funded fossil fuel projects in less affluent countries.
In short:
- G20 countries allocated $142 billion to fossil fuel developments abroad from 2020 to 2022, favoring gas over coal and oil.
- This financial backing occurred despite the G7's 2022 vow to cease such funding, highlighting a gap between pledges and actions.
- Recent investments, particularly by Japan, indicate ongoing support for fossil fuels, exploiting policy loopholes.
Key quote:
"We must continue to hold wealthy countries accountable for their role in funding the climate crisis, and demand they move first and fastest on a fossil fuel phase-out."
— Claire O’Manique, public finance analyst at OCI
Why this matters:
Despite international agreements aiming to reduce carbon emissions and transition towards cleaner energy sources, funding for coal, oil, and natural gas projects by G20 countries in lower-income regions persists. This financial support is often justified as necessary for economic growth and energy security in recipient countries. However, critics argue that it locks these nations into a future dependent on fossil fuels, which are detrimental to the environment and global health.
Keep reading...Show less
Leaders agree on G20 declaration, but it’s unlikely to drive change on Ukraine War and climate change
As the hosts of the G20 tried to steer discussions towards other issues, the Ukraine war still dominated, reinforcing the deep global divisions.
G20 finance chiefs meeting in India address global challenges like climate change and rising debt
Finance ministers from the Group of 20 nations meeting in India are set to address critical global economic challenges, including the threat posed by climate change and rising debt among low-income countries.
India set to push for green World Bank reforms at G20
India wants the World Bank to lend more money for climate finance, at cheaper rates, in developing countries and will use its G20 chair to push this agenda.
India shakes up global approach to climate change as G20 chair
The world’s second-most populous nation (soon to be the first) intends to use its new position to secure green investment and shift global governance to the benefit of the “Global South,” a grouping that largely includes lower-income nations in Latin America, Asia, Africa, and Oceania.
Newsletter
Only 6% of G20 pandemic recovery spending ‘green’, analysis finds
The analysis of the G20 fiscal stimulus spending belies claims many governments made a “green recovery” that would “build back better” from upheavals caused by the pandemic and lockdowns.
G20 nations agree to new limits on coal-burning power plants
The world’s largest economies will stop financing coal plants abroad, though that falls far short of what’s needed to fight climate change, raising fears of half-steps at this week’s U.N. summit.
ORIGINAL REPORTING
MOST POPULAR
CLIMATE
