A recent report by the charity Tearfund has found that since the pandemic began, G7 nations have favoured an investment in fossil fuels over green energy. Firstly, let us understand why the G7 nations are significant in leading the path for a climate-safe future for all.
• G7 are the world’s seven most powerful economies- the UK, Canada, France, Germany, Italy, Japan, and the US.
• Some of these countries are also the world’s biggest emitters. Although they represent just one-tenth of the global population, almost a quarter of the global carbon dioxide emissions come from these world powers.
• G7 nations also hold the capacity to either strengthen the transition into green energy or worsen the already daunting climate change challenge WHAT DOES TEARFUNDREPORT TELLS US?
• The UK is host to the 2021 G7 summit. Ahead of this, development charity Tearfund, the International Institute for Sustainable Development, and the Overseas Development Institute got together to publish a report to analyse energy investments by the G7 nations.
• According to the report, these seven countries have been injecting more money into fossil fuels than green energy.
• The G7 countries had set out to achieve net-zero targets to limit global warming to 1.5-degree celsius.
• While the countries, collectively pledged to “build back better”, the report found that since the pandemic began they have invested USD 189 billion US dollars in coal, oil and gas in contrast to147 billion US dollars in green energy.
• The report also concluded that 8 in every 10 dollars invested into fossil fuels during this period had no ‘green strings’ attached. The investments profited the dirtiest sectors that cause maximum harm to the environment.