G20 nations give US$77 billion a year to oil industry
As governments prepare Covid-19 economic recovery plans, members of the oil and gas industry call for handouts to help power their comeback. – EPA pic, May 27, 2020.
RICH nations have used banks and development programmes to funnel at least US$77 billion in each of the last three years to oil and gas projects despite their commitment under the 2015 Paris accord to slash greenhouse gas emissions, new analysis showed today. Despite committing to limit global temperature rises to “well below” 2°C under the Paris deal, G20 countries are still providing three times as much money each year to fossil fuel projects as they are to clean energy, said a report by the Oil Change International watchdog.
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