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G7: why major economies are delaying a break with the fossil fuel industry.
(The Conversation, 10 Jun 2021) The climate crisis is certain to be a hot topic at the G7 summit in Cornwall. While the leaders of the world’s richest countries agree in theory on the need to reach net zero emissions by 2050 at the latest, they remain faithful to a fossil fuel industry reluctant to substantively change its business model.
A recent report by the International Energy Agency, a typically conservative advisory body, argued for an immediate ban on new fossil fuel projects. But investments by oil, gas and coal companies into finding new sources continue, as does industry lobbying to undermine regulation.
The environment ministers of the G7 countries committed to end funding for new overseas coal projects by the end of 2021. But 51% of their COVID-19 economic recovery funds – a total of US$189 billion (£133 billion) – paid between January 2020 and March 2021 were earmarked as financial aid for the fossil fuel industry. Worse, US$8 of every US$10 dedicated to non-renewable energy was paid with no conditions on these companies to reduce their emissions.
Why does it seem so hard for G7 leaders to match their words with action when it comes to the fossil fuel industry?
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