G-20 Spent Almost $700 Billion Supporting Fossil Fuels Last Year
Financial aid for oil, gas and coal from governments and state-owned institutions within the group rose to the highest since 2014, BloombergNEF finds.
Visitors look towards the cooling towers at coal fueled power plant in Welzow, Germany.
Photographer: Krisztian Bocsi/BloombergThe Group of 20 nations spent $693 billion supporting the fossil fuel industry last year, slowing progress towards global climate goals, according to a report released by Bloomberg Philanthropies and BloombergNEF on Tuesday.
The money from governments and state-owned institutions “distorted prices, encouraged potentially wasteful use and production of fossil fuels, and resulted in investment into long-lived, emission-intensive equipment and infrastructure,” BNEF analysts Victoria Cuming and Maia Godemer wrote in the Climate Policy Factbook: COP27 Edition.