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G20 countries cut more funding for fossil fuels in outbreak

by newsupe

The G20 countries have allocated $ 205 billion to fossil fuels and $ 135.5 billion to clean energy sources.

G20 countries have provided $ 205 billion in funding for fossil fuels since the beginning of the new type of corona virus (Covid-19) outbreak, and $ 135.5 billion in support for clean energy sources critical to combating climate change.

As global climate change becomes a growing threat to the world, many countries and institutions are reviewing their energy policies to reduce or end the use of fossil fuels. Investment in clean energy is widespread, while financing support for fossil fuels continues to increase. By limiting global temperature growth to 1.5 degrees, more support for clean energy needs to be given to combat climate change.

According to data from the international research organization Energy Policy Tracker, The G20 countries provided conditional and unconditional support to the energy sector through development programmes during the epidemic.

Funding that the G20 countries have transferred to various sources since the beginning of the outbreak totaled $ 380.3 billion, while fossil resources received the largest share of $ 205 billion. On the other hand, 135.5 billion dollars of support was provided to clean energy sources, which are of great importance in combating the climate change crisis, in this process.

The countries in question provided $ 39.7 billion in financing to other energy sources.

US FOSSIL, FRANCE LEAD IN RENEWABLE SUPPORT

The country that has provided the most funding for fossil resources since the beginning of the epidemic was the United States with $ 72.3 billion. This country was followed by the United Kingdom with $ 39.3 billion and France with $ 22.3 billion.

In addition, Germany, which has taken several steps in recent years to end fossil fuel use by closing coal plants, has also allocated $ 21.9 billion to fossil resources. Canada, on the other hand, became the fifth most supportive country for fossil fuels, with $ 10.2 billion.

France leads the country with clean resources financing at $ 33.5 billion, followed by the United States with $ 27.2 billion, China and Germany with $ 27.1 billion, and the United Kingdom with $ 13.5 billion.

EMISSION REDUCTION CONDITION AT LOW LEVEL

Energy Policy tracking analyst Bengisu Özenç said in a statement that it is critical that the economic development packages put into operation during the epidemic are used to design a healthy, fair and sustainable future.

“54 percent of this resource supports fossil fuels, while only 17 percent of fossil fuel incentives are provided on the condition of an emission reduction. Green incentives, on the other hand, account for a total of Yesil 36 percent when combined with energy efficiency.” said.

Özenç, G20, pointing to the fact that the situation in Turkey is not very different among the nations, “the tender announcement Yesil policies in the field of renewable energy resource areas, renewable energy sources Supporting energy performance contracts in the public sector such as the extension or in the mechanism, although positive steps were taken, the outbreak in the period of rapidly increasing the volume of loans to be made on Turkey’s transformation and ongoing thermal power plant before it is given to stand in the way of investments.”he made his assessment.

“WE MUST USE RESOURCES TO CHANGE THE PATH”

World, Kovid-19 period, although some green packages were announced, yesilç expressed support for the polluting sectors, said:

“At this point, there is a significant impact on governments trying to protect their existing investments. This will further increase this dependence of economies on a carbon-intensive path. Given the depth of the crisis and the size of the support packages for it, we see that we are facing a transformative opportunity that we will no longer be able to seize. There is a timetable that we cannot delay in dealing with the climate crisis. Therefore, we should use resources to change the path, not to protect the presence.”

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