Wealthy nations breaking climate pledge with gas dash in global south

Mon, 14 Jun 2021 05:51:35 +1000

Andrew Pam <xanni [at] glasswings.com.au>

Andrew Pam

"Wealthy nations are breaking their climate commitments by funding a new dash
for gas in the global south, according to a study.

A week before the G7 summit begins in Cornwall, the report reveals low and
middle-income nations received nearly $16bn a year between 2017 and 2019 to
fund projects related to gas, a fossil fuel that worsens global heating.

This was nearly four times more than international public finance for wind or
solar projects, raising concerns that poorer nations are being locked into the
old fossil fuel economy even though cleaner and increasingly cheap alternatives
are available.

Many of these gas projects are likely to become stranded assets before the end
of their 30-year terms because the International Energy Agency said last month
that no new oil, gas or coal fields should be tapped if the world is to stay
within 1.5C of warming above pre-industrial levels.

Leading economies and international financial institutions have promised to
help others make the transition away from fossil fuels, but the report from the
International Institute for Sustainable Development (IISD) shows many of their
funding decisions remain stuck in the past."

       *** Xanni ***
mailto:xanni@xanadu.net               Andrew Pam
http://xanadu.com.au/                 Chief Scientist, Xanadu
https://glasswings.com.au/            Partner, Glass Wings
https://sericyb.com.au/               Manager, Serious Cybernetics

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