G20 countries directed more funds to fossil fuels projects than to renewables

Since the beginning of 2020 and the onset of the COVID-19 pandemic, G20 countries have committed at least USD 296 billion in public money for fossil fuels and only USD 227 billion for renewables, according to Energy Policy Tracker’s data.

The governments the members of the G20 countries have committed USD 296 billion to fossil fuels, and the United States earmarked the largest amount – USD 72 billion. Next was the United Kingdom, with USD 42 billion, followed by Canada (USD 32 billion). India committed USD 31 billion, while Germany’s share was USD 27 billion, compared to France’s USD 23 billion and China’s USD 20 billion.

The update is discouraging in light of the report released yesterday by the Intergovernmental Panel on Climate Change (IPCC). It underlines that an intensive and fast reduction in carbon dioxide emissions is the only way to avoid extreme effects of climate change.

The largest amount for clean energy was earmarked by Canada, USD 41 billion

Among the G20 countries, the largest amount for clean energy was earmarked by Canada, USD 41 billion. India is in second place with USD 36 billion, and the UK committed USD 28 billion.

Looking at energy by type, G20 countries committed at least USD 218.1 billion to oil and gas. They set aside at least USD 46.5 billion for coal of which USD 33.93 was unconditional in the sense that project developers have no obligation to reduce greenhouse gas emissions.

The G20 countries secured at least USD 11.19 billion for the hydrogen produced from fossil fuels. The group, which comprises 19 major economies and the European Union, committed at least USD 19.55 billion through measures that cover multiple fossil fuels.

The G20 governments have committed at least USD 657.79 billion to supporting different energy types through new or amended policies, according to official government sources and other publicly available information, published on an interactive map. The public money commitments include:

• At least USD 247.41 billion for unconditional fossil fuels through 253 policies
• At least USD 49.03 billion for conditional fossil fuels through 67 policies
• At least USD 53.81 billion for unconditional clean energy through 174 policies
• At least USD 173.40 billion for conditional clean energy through 168 policies
• At least USD 134.13 billion for other energy through 126 policies.