G20's fossil fuel funding contradicts climate pledges

Despite commitments to combat climate change, G20 nations have significantly funded fossil fuel projects in less affluent countries.

Fiona Harvey reports for The Guardian.


In short:

  • G20 countries allocated $142 billion to fossil fuel developments abroad from 2020 to 2022, favoring gas over coal and oil.
  • This financial backing occurred despite the G7's 2022 vow to cease such funding, highlighting a gap between pledges and actions.
  • Recent investments, particularly by Japan, indicate ongoing support for fossil fuels, exploiting policy loopholes.

Key quote:

"We must continue to hold wealthy countries accountable for their role in funding the climate crisis, and demand they move first and fastest on a fossil fuel phase-out."

— Claire O’Manique, public finance analyst at OCI

Why this matters:

Despite international agreements aiming to reduce carbon emissions and transition towards cleaner energy sources, funding for coal, oil, and natural gas projects by G20 countries in lower-income regions persists. This financial support is often justified as necessary for economic growth and energy security in recipient countries. However, critics argue that it locks these nations into a future dependent on fossil fuels, which are detrimental to the environment and global health.

scales of justice with a harmonious green ecosystem on one side and a dirty polluted fossil fuel plagued industrial site on the other scale.
Credit: digitalista/BigStock Photo ID: 324918955

Who’s who in Monday’s Supreme Court climate showdown

The ruling could define the reach of state law nationwide and determine whether local governments can put oil companies on the hook for climate costs.

A woman showing a small solar panel to a group of children

Climate leaders push for more solar energy by 2030

Prominent climate leaders have called on governments, businesses, institutions and the public to make a push for solar power before the decade is out, repowering the world with cheap, clean energy. Is that possible?
A view of offshore wind turbines with the setting sun in the distance

‘Wait for the clock to run out’: Louisiana offshore wind energy leaders look beyond Trump

Trump’s crackdown brought offshore wind development to a near standstill. Louisiana companies are trying to keep the industry alive until the political winds change.
Black and white photo of the Supreme Court of the U.S.

Clarence Thomas is in the hot seat for US Supreme Court’s biggest climate case in years

When it comes to perhaps the most significant climate change-related case to reach the high court in nearly two decades, environmentalists aren’t yet writing Thomas off, even though he has consistently sided against them.

A view of a giant wave

Sea levels on the West Coast to rise by a foot as Kelvin waves hit

Sea levels along the West Coast will begin to rise by up to a foot this month as a series of pulses of warm water called Kelvin waves hit the shoreline and move north.

Smokstacks from a power plant emitting smoke into the air

21 states sue EPA to reinstate climate pollution rules for power plants

Democrat-led states and cities argue that the rollback harms public health and the environment.
From our Newsroom
Multiple Houston-area oil and gas facilities that have violated pollution laws are seeking permit renewals

Multiple Houston-area oil and gas facilities that have violated pollution laws are seeking permit renewals

One facility has emitted cancer-causing chemicals into waterways at levels up to 520% higher than legal limits.

Regulators are underestimating health impacts from air pollution: Study

Regulators are underestimating health impacts from air pollution: Study

"The reality is, we are not exposed to one chemical at a time.”

Pennsylvania governor Josh Shapiro speaks with the state flag and American flag behind him.

Two years into his term, has Gov. Shapiro kept his promises to regulate Pennsylvania’s fracking industry?

A new report assesses the administration’s progress and makes new recommendations

silhouette of people holding hands by a lake at sunset

An open letter from EPA staff to the American public

“We cannot stand by and allow this to happen. We need to hold this administration accountable.”

wildfire retardants being sprayed by plane

New evidence links heavy metal pollution with wildfire retardants

“The chemical black box” that blankets wildfire-impacted areas is increasingly under scrutiny.

Stay informed: sign up for The Daily Climate newsletter
Top news on climate impacts, solutions, politics, drivers. Delivered to your inbox week days.