Despite the Paris Agreement, G20 Fossil Fuel Financing Remains High

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Adi Ahdiat 10/11/2022 15:50 WIB

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Despite adopting the Paris Agreement, G20 countries continue to pour massive amounts of funding into fossil fuels.

Accumulated Fossil Fuel Financing by G20 Countries (2016-2021)

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Accumulated Fossil Fuel Financing by G20 Countries (2016-2021)

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G20 countries adopted the Paris Agreement and committed to reducing carbon emissions in 2016.

However, G20 countries continue to pour large sums of funding into fossil fuels, contributing to the rise in global carbon emissions.

According to a Bloomberg NEF research report, in 2016, the accumulated fossil fuel financing from G20 countries reached US$662 billion.

This figure includes government spending, tax expenditures, state-owned enterprise investments, and fossil fuel subsidies such as oil, natural gas, and coal.

After the adoption of the Paris Agreement, the value of G20 fossil fuel financing consistently remained above US$630 billion per year, except in 2020 when it slightly decreased due to the COVID-19 pandemic.

Then, in 2021, financing is estimated to have increased again, as shown in the graph.

"Governments and state-owned entities of G20 countries are estimated to have provided US$693 billion to support coal, natural gas, oil, and fossil fuels in 2021, the highest amount since 2014," said the Bloomberg NEF team in its report.

"Of the several countries that have pledged to phase out coal-fired power plants, several have actually increased their reliance on coal in 2021," it added.

According to Bloomberg NEF, the G20 countries that increased coal-fired power plant capacity are Brazil, China, India, Indonesia, Japan, South Africa, South Korea, and Turkey.

"It is crucial for countries to stop coal-fired power if they want to achieve the goals of the Paris Agreement," said Bloomberg NEF.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Despite the Paris Agreement, G20 Fossil Fuel Financing Remains High

Despite the Paris Agreement, G20 Fossil Fuel Financing Remains High

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Despite the Paris Agreement, G20 Fossil Fuel Financing Remains High

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