We don’t normally cover climate politics, but as the latest G7 meeting collapsed in disarray, we couldn’t help noticing a report from the ODI that demonstrates there’s one thing these countries are still united on: continuing to quietly funnel a lot of money into fossil fuel subsidies. Despite a promise at a previous meeting to phase them out by 2025, G7 subsidies are still running at at least $100 billion a year, according to the ODI’s estimate.
It’s hard not to notice that $100 billion a year happens to be exactly the amount developed countries such as the G7 members are supposed to be putting into climate finance. To do that, it seems, requires extensive negotiation at the UNFCCC and then extensive scrutiny through the onerous processes of channels such as the GCF, while fossil fuel subsidisation goes pretty much under the radar.
It also so happened that, simultaneously with the ODI report, some concrete examples of how major economies are bailing out failing legacy energy businesses and projects were collated by Future Today. Their case studies of these rescues, in “The Week of the White Elephants,” cover coal (US), oil (Canada) and nuclear (UK).
You can view the engaging slide-show on Future Today here