The data further highlights that while committed support for clean energy amounted to $89 billion till now, only $16 billion has been committed to support unconditionally clean energy such as solar or wind
Nagpur: The G20 nations, which are reportedly responsible for around 80 per cent of global greenhouse gas emissions, have committed $151 billion in support of fossil fuels while dedicating only $89 billion towards clean energy since the beginning of the pandemic.
A new research released by 14 worldwide organizations reveals that India has committed around $8.9 billion to fossil fuels and only $1 billion to clean energy. According to it, the biggest fossil policy that the country is investing in is commercial mining of coal. On the other hand, the country’s biggest green policy has been providing free solar power to farmers in Andhra Pradesh.
Of the policies committing money to fossil fuels globally, only 20 per cent make this financial support conditional on green requirements, such as setting climate targets or implementing pollution reduction plans. At the same time, $89 billion has been committed to clean energy but 81 per cent of this support is unspecific about the appropriate environmental safeguards.