Polluting energy sources received more than $3 trillion from the EU and 19 of the world’s largest national economies over that four-year period, despite G20 members having pledged to phase-out fossil fuel subsidy and address climate change back in 2009. A new climate factbook released by BloombergNEF has criticized the policy actions of G20 members, and highlighted the significance of poorly directed fossil-fuel funding.The Climate Policy Factbook published this month has monitored the progress made towards a low-carbon economy by G20 members, which include the EU alongside 19 of the world’s biggest national economies. The headline figure is that governments provided a reported $3.3 trillion of direct support for coal, oil and gas plus related fossil-fueled power for the period between 2015 and 2019. Considering 2021 prices, Bloomberg puts that sum as being able to fund 4,232 GW of new solar power plants.
PV Magazine 28th July 2021 read more »