In the three years after countries signed the landmark Paris Agreement, the UK nearly doubled its public finance support for fossil fuel projects. A new report shows the UK spent an average of £1.3 billion annually on the projects since countires agreed the climate deal. In contrast, in the same period to the end of 2018, it spent just £148 million a year on supporting clean energy. Export credit agencies and development finance institutions throughout the wider G20 group similarly provided more than three times the support to fossil fuels than they did to clean energies, the report claims, raising questions around the likelihood that new COVID-19 stimulus packages will deliver sustainable recoveries.
Desmog 3rd June 2020 read more »