G-20 countries continue to over-invest in fossil fuels, despite climate deal

The report tallied up loans, grants, insurance, and all types of public funding that the nations' governments provide to their energy sectors.
By Lucas Rowe | Jul 08, 2017
Although every G-20 nation except the United States is still signed onto the Paris climate accord, they all fall short of the accord's commitment to moving away from fossil fuels and toward clean energy, according to a new report by several leading environmental groups. The report, which was released Wednesday, finds that the G-20 nations as a whole give fossil-fuel energy four times as much public financing as they give to renewable energy.
The report tallied up loans, grants, insurance, and all types of public funding that the nations' governments provide to their energy sectors. From 2013 to 2015, according to the report, the G-20 bloc spent $71.8 billion a year to support fossil fuels and only $18.7 billion a year on renewable energy.
Germany came in above average on renewable-energy financing but still favored fossil fuels, spending $3.5 billion annually on fossil-fuel energy versus $2.4 billion on renewable energy during this time period. Italy's fossil-fuel support was much more lopsided, with $2.1 billion a year going toward fossil fuels and $123 million going toward clean energy.
"Our research shows that the G-20 still hasn't put its money where its mouth is when it comes to the clean energy transition," said Alex Doukas, a senior campaigner at Oil Change International, one of the groups that authored the study. "They need to stop propping up the outdated fossil fuel industry with public money."
The Sierra Club, Friends of the Earth and the World Wildlife Fund's European office also were a part of the project.

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