Big nations aid fossil fuels more than clean energies amid pandemic, researchers find
US, Russia are among many G20 nations helping coal, oil and gas more than clean energy as part of recovery packages, a major study will show
Major nations including the United States and Russia are throwing a lifeline to fossil fuel companies during the coronavirus crisis, rather than seizing a historic chance to shift to cleaner energies, a study by 14 research groups is set to show.
Preliminary findings, shared exclusively with Climate Home News, showed that only China, India and four other nations in the Group of 20 leading economies were committing more public money to clean energy than to polluting sectors.
“This is a once-in-a-generation opportunity… to use government funding, government subsidies, loans, to reshape our future,” said Ivetta Gerasimchuk, Sustainable Energy Supplies lead at the International Institute for Sustainable Development think-tank, one of the groups involved.
G20 nations are committing trillions of dollars to combat the economic slump induced by Covid-19.
But “the overall trend is that… there is more money going into fossil fuels than into clean energy,” she told a webcast organised by the Stockholm Environment Institute, another of the 14 research organisations.
“What we see is pretty much what countries did before the Covid crisis they keep doing. In this sense the crisis… has just exacerbated the trends we had before, unfortunately.”
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