Broken Promises: G20 Pours Billions into Fossil Fuels Despite Clean Energy Pledges

A recent report by Oil Change International (OCI) and Friends of the Earth US reveals that G20 nations and multilateral development banks invested a staggering $142 billion in fossil fuel projects in developing countries between 2020 and 2022, compared to only $104 billion in clean energy initiatives over the same period. This stark disparity highlights a concerning prioritization of fossil fuels despite international climate commitments. The top culprits behind this continued fossil fuel financing were Canada, Japan, and South Korea, with gas projects receiving a significant portion of the funding. Loopholes and a focus on gas projects have undermined the promises made by some G7 nations to halt overseas fossil fuel funding, raising questions about their commitment to climate action. The report urges G20 nations to align their financial practices with their climate pledges and emphasizes the need to hold wealthy countries accountable for perpetuating the climate crisis. It calls for a swift transition away from fossil fuels and a shift in funding towards clean energy solutions, particularly in developing nations where energy access is a critical challenge. The findings serve as a reminder of the work that still needs to be done to achieve a just transition to a clean energy future, urging G20 nations to prioritize climate action and invest in a sustainable future for all. Resources: https://esgnews.com/broken-promises-g20-pours-billions-into-fossil-fuels-despite-clean-energy-pledges/