one more victim of the Russia-Ukraine war

one more victim of the Russia-Ukraine war

The study, in which Tearfund and Oil Change International (OCI) have also collaborated, recalls that 34 countries and five public financial institutions signed a commitment at COP26 to end public international financing of fossil fuels by the end of 2022.

However, the report notes that “most countries and institutions have yet to publish their Glasgow-aligned policies”, while credit agencies are “far behind”.

Putin without a shirt, this was the jokes of the G7 leaders

“Furthermore, earlier this week, G7 leaders weakened a nearly identical compromise adopted at the G7 ministerial meeting in May, creating uncertainty for the Glasgow Declaration initiative,” the report said.

Incompatible with the Paris Agreement

One of the “biggest threats” to the success of the Glasgow commitments is “the temptation for countries to continue investing in gas abroad as a result of the war in Ukraine” as they seek to replace Russian fuel.

The authors of the report highlight that these investments are “incompatible” with the global warming limit of 1.5 degrees agreed in Paris, and show that clean alternatives are “more suitable to serve energy security”.

In fact, Canada (11,000 million dollars per year), the United States (3,100), Italy (2,800), Germany (2,800) and Spain (2,400) were the ones that contributed the most public financing to oil and gas between 2018 and 2020, even though they all signed in Glasgow.

In the same period, only seven of the agreement’s signatories—Denmark, Sweden, France, Germany, New Zealand, Slovenia, Belgium, and the European Investment Bank (EIB)—financed more clean energy than fossil fuels, while another seven —again Belgium, in addition to Finland, New Zealand, Portugal, Slovenia, Spain and Switzerland— financed according to this document less than 100 million dollars in clean energy per year.

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