'G20 international public finance is currently blocking a just energy transition, bankrolling 2.5 times more fossil fuels than clean energy.'
"This month's IPCC Working Group III report was clear that continued fossil fuel finance of any kind is misaligned with the Paris climate goals, and that public finance in particular plays a key role in determining our global future energy system," Rodel noted.
Rodel added that"this preferential, government-backed fossil fuel financing was 2.5 times more than their support for clean energy, which averaged $26 billion per year over the same period."made in Scotland last year at the COP26 summit for parties to the Paris agreement—which calls for keeping global temperature rise this century below 2°C, and ideally limiting it to 1.5°C, above preindustrial levels.
"There is an important opportunity for these signatories to encourage other countries and the MDBs to follow suit and to use opportunities to cement their commitments in existing policy processes at the international level," he added, specifically pointing to the G20, the Group of Seven , and Organization for Economic Cooperation and Development .
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