The world’s largest economy has provided more than $ 189bn in oil relief, although the government promises to “restore greenery” and reduce greenhouse gas emissions.
More than half of the $ 372bn provided by G7 countries for energy production and demolition from January 2020 to March this year was coal, oil and gas, according to research from Tearfund, development support, supported by two independent tanks.
Most of the money is provided “without ties” without any requirements to companies that are assisted to reduce their emissions.
“Recovering wealth after Covid is a great opportunity to boost natural resources,” said Rich Gower, a senior partner at Tearfund. “Right now, the G7 is not taking advantage of this opportunity.”
The aforementioned epidemics were included German state-owned Lufthansa airliner costs € 9bn and $ 10bn with US government assistance at the airport.
About $ 147bn went into a clean electricity project, such as a tax in Italy to encourage people to use their homes more energy.
The G7 countries represent about a quarter of the world’s total gas emissions, although they account for only about 10% of the world’s population.
Governments have released their green promises this year at a UN climate change conference, known as COP26, held in Glasgow in November. Emissions reduction programs have been in line with promises to reimburse them for new jobs and industries.
In May, The G7 countries have pledged to suspend all foreign aid funding by the end of this year, I am making “persistent efforts” to reduce global warming to 1.5C compared to pre-industrial times.
However, Tearfund research found that much of its current findings contradict plans to acquire electricity.
In a special report published Wednesday, the International Energy Agency said there has been an increase in the approval of coal-fired power plants by 2020, led by operations in China and other Asian countries.
The company’s rising oil and gas prices are expected to rise by about 8% this year, but still lower than before the crisis, the IEA added.
Fatih Birol, chief executive officer of the IEA, said: “Governments need to do more than just promise to reduce emissions and take action to help them sell solutions and develop new technologies for the first technologies.”
According to a Tearfund report, governments in Australia, India, Korea and South Africa – guests from the G7 summit – have all contributed to boosting coal production either financially or by program from January 2020.
The researchers recommended that the G7 have a “safe” policy on all-inclusive spending, which includes the addition of “green ropes” to support any much-needed oil, as well as spending cuts on coal, oil and gas.
The G7 should also use its power to encourage development banks to comply with their actions and reduce global warming to 1.5C, the report said.
“Any money is worth it,” Gower said. The use of renewable energy today is “improving oil for the future.”
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