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Despite commitment to green energy, G7 countries vow billions to fossil fuel

Despite commitment to green energy, G7 countries vow billions to fossil fuel

London: The G7 countries have been accused of infusing billions of dollars for energy development from fossil fuels despite their commitment to reducing energy generation from greenhouse gas-producing elements.

A report from the charity Tearfund, the International Institute for Sustainable Development and the Overseas Development Institute said that the G7 countries, the UK, US, Canada, Italy, France, Germany and Japan have committed $189 billion to support oil, coal and gas between January 2020 and March 202. Meanwhile, they have also spent $147 billion to develop green energy, it said.

As the UK is set to host the next G7 summit, the financial commitment to fossil fuels by the world's seven richest countries meant that the regulations to maintain a cleaner environment would either be removed or downgraded and rules would be inducted to make direct funding to oil, gas and coal amenable.

Tearfund report claimed that these nations failed to make the pandemic time greener. The funds have reportedly been pumped into the fossil fuel industries without any stringent conditions but with a vogue, note to control emissions or pollution.

About $115 billion alone have been invested in the aviation and car industries by the G7 countries. Of that money, 80% was given with no attempt to force the sectors to cut their emissions in return for support.

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