en English af Afrikaans sq Albanian ar Arabic hy Armenian az Azerbaijani eu Basque be Belarusian bg Bulgarian ca Catalan zh-CN Chinese (Simplified) zh-TW Chinese (Traditional) hr Croatian cs Czech da Danish nl Dutch et Estonian tl Filipino fi Finnish fr French gl Galician ka Georgian de German el Greek ht Haitian Creole iw Hebrew hi Hindi hu Hungarian is Icelandic id Indonesian ga Irish it Italian ja Japanese ko Korean lv Latvian lt Lithuanian mk Macedonian ms Malay mt Maltese no Norwegian fa Persian pl Polish pt Portuguese ro Romanian ru Russian sr Serbian sk Slovak sl Slovenian es Spanish sw Swahili sv Swedish th Thai tr Turkish uk Ukrainian ur Urdu vi Vietnamese cy Welsh yi Yiddish
Open Translation

NEW YORK: A report by Bloomberg Philanthropies and research affiliate BloombergNEF says G20 member countries have provided over US$3.3 trillion in subsidies for coal, gas, oil, and fossil fuel power since the Paris Agreement.

At today’s prices the amount could fund 4,232GW in new solar power plants – over 3.5 times the size of the current US electricity grid.

Between 2015 and 2019 eight G20 members - Argentina, Germany, Italy, Saudi Arabia, South Africa, South Korea, Turkey, and the UK - reduced their fossil fuel subsidies by 10 percent or more.

However their efforts were undermined by eight other countries that increased their support for the use and production of fossil fuels, distorting prices and risking carbon ‘lock-in’ - where assets funded today continue to emit high levels of emissions for decades: Australia (+48 percent), Brazil, Canada (+40 percent), China, France (+24 percent), Indonesia (+27 percent), Mexico, and the US (+37 percent).

The Bloomberg report says much of the global effort since 2015 has been to phase out support for coal. But despite the rhetoric, China, South Africa, Japan and the US continue to increase funding. Overall, G20 countries have just under 400GW of new coal-fired generating capacity planned - equivalent to 25 percent of the current number of coal power stations worldwide.

Günther Thallinger, member of the Board of Management of Allianz SE and chair of the UN-convened Net-Zero Asset Owner Alliance commented: “As of today, policy frameworks across most G20 countries are not sufficient to drive real economy to net-zero transition to achieve 1.5C with reasonable likelihood.

“The development and publication of credible 2030 emission reduction plans, which create a rising price on carbon and have clear regulatory standards, including on climate-related financial disclosures are urgently needed,” he continued.

In the run-up to COP26 in November, the report says governments can take three steps now to achieve the Paris Agreement goal: phase out support for fossil fuels, putting a price on carbon emissions and making companies disclose the risks they face due to climate change.

“Given that the G20 accounts for nearly three-quarters of global emissions, progress from those governments in these three areas would mark a huge step forward toward tacking climate change. So far, they have yet to step up to the plate,” said Victoria Cuming, head of global policy at BloombergNEF and lead author of the report.

According to the International Energy Agency, governments have mobilised US$16 trillion in response to the COVID-19 pandemic and yet only 2.0 percent has been allocated to “building back better” with clean energy development. One obvious result, says the IEA, is global CO2 emissions are set to climb to record levels in 2023 and continue rising in the following years.

“Not only is clean energy investment still far from what’s needed to put the world on a path to reaching net-zero emissions by mid-century, it’s not even enough to prevent global emissions from surging to a new record,” declared IEA Executive director Fatih Birol.

COP26 will be the first official opportunity to discuss countries’ climate plans known as ‘Nationally Determined Contributions’. In 2020 governments submitted NDCs that will produce global warming of more than 3.0 degrees Celsius this century.

Last year data published by the Potsdam Institute and Columbia University, New York concluded a 2.0°C rise in global temperatures would produce a 2.5 metre rise in sea levels from melting Antarctic ice flows.

In 2013 Michael Bloomberg and several industry leaders and politicians warned in a series of detailed reports about the economic risk of climate change on American industry. As their forecasts become true, their prescient reports remain available via https://riskybusiness.org/
Story Type: News

Vote for my Story

Our Rating: 9% - 1 votes

1000 Characters left

Latest News

September 22, 2021
Manufacturing Editor

Airbus introduces climate impact solutions

MOBILE, AL/TOULOUSE: By November this year Airbus will start delivering A220 and A320 aircraft to customers from its US manufacturing facility using a blend of Sustainable Aviation Fuel (SAF) sourced from World Energy and supplied by Signature Flight Support.…
September 22, 2021
Transportation Editor

Maritime sector calls on world leaders to act on climate mitigation

NEW YORK: Representatives of the entire maritime value chain have called on governments ahead of the UN COP26 Summit in November to align shipping with the Paris Agreement temperature goal – now agreed by scientists to be 1.5C. Developed by a…
September 22, 2021
Emissions Editor

G20 countries key to climate crisis

WASHINGTON, DC | BERLIN: Research by World Resources Institute and Climate Analytics says global temperature could be limited to +1.7°C by the end of the century, if G20 countries set 1.5°C-aligned emission reduction targets for 2030 and reach net-zero…
September 21, 2021
People Editor

World gets an ‘F’ in ethics

NEW YORK: The UN secretary-general António Guterres told the 76th General Assembly today the biased distribution of COVID-19 vaccines was an “obscenity” - with a surplus in some countries while over 90 percent of Africans still waited for their first dose.…
September 21, 2021
Emissions Editor

60 percent of Fortune Global 500 not committed to climate reduction targets

NEW YORK: The latest report from the UN Framework Convention on Climate Change (UNFCCC), in the run-up to COP26 in November, says countries’ Nationally Determined Contributions (NDCs) under the Paris Agreement “fall far short of what is required” to keep…
September 17, 2021
Emissions Editor

Agility invests in inner-city electric delivery

STOCKHOLM: Supply chain services provider Agility has become an investor in Volta Trucks, participating in a Series B investment round of €37 million that also included Luxor Capital, Proterra and original seed investor Byggmästare Anders J Ahlström. Volta…
September 17, 2021
People Editor

New philanthropy fund for climate crisis solutions

THE HAGUE: The European Climate Foundation (ECF) has launched a Climate Finance Fund, supported by the William and Flora Hewlett Foundation, to mobilize capital for climate crisis solutions. The platform aims to drive change by supporting innovative finance…
September 16, 2021
Energy Editor

Banks backs new UK oil field despite net-zero pledge

LONDON: Seventy-five miles west of the Shetland Islands there is a new oil field project known as Cambo. It’s owned by Shell and a private-equity backed firm called Siccar Point Energy. They have applied for a licence from Boris Johnson’s government to start…
September 16, 2021
Emissions Editor

P&G commits to 1.5°C

CINCINNATI: Procter & Gamble says it wants to achieve net-zero supply chain emissions - from raw material to retailer - by 2040. It will use trees or carbon capture to account for any residual emissions. The company has submitted a plan to the Science Based…
September 16, 2021
Energy Editor

European energy powers up GHG emissions reduction

LONDON: Latest data from the Science Based Targets initiative (SBTi), enabling companies to set GHG emissions reduction targets, says while 18 European power companies have approved science-based targets, the US only has one – NRG Energy. The Houston,…
September 16, 2021
Transportation Editor

US partnership to develop electric and hydrogen- powered locomotives

PITTSBURGH, PA: Rail engineering company Wabtec has signed MoUs with Carnegie Mellon University and US short line rail operator Genesee & Wyoming (G&W) to develop and implement zero-emission battery and hydrogen technology. The partners want to establish a…
September 15, 2021
Food Editor

Too Good to Go takes off with SWISS

GENEVA: SWISS is collaborating with Too Good To Go, the food app that connects consumers with food that would otherwise be thrown away. Founded in Copenhagen in 2015, the Certified B Corp says it has since saved 348 million pounds of food, the equivalent of…

We are using cookies

By continuing you are agreeing to our use of cookies

I understand