ImpactAlpha, July 22 – As smoke from the wildfires raging in the west blanketed much of the U.S., Germany grappled with the aftermath of a deadly flood, and China’s Henan province faced its own deluge, calls for climate action took on new urgency.
“On climate, cooperation is the only way to break free from the world’s current mutual suicide pact,” U.S. climate envoy John Kerry said ahead of a G20 meeting next week and COP26 just four months away. Yet global action is lacking.
A report by BloombergNEF and Bloomberg Philanthropies calls on nations to end fossil fuel support, make polluters pay and mandate climate risk disclosure.
Fossil fuel funding
G20 nations funneled $636 billion in direct support to fossil fuels in 2019 – even before Covid recovery funding kicked in, according to Bloomberg’s Climate Policy Factbook. From 2015 to 2019, G20 governments propped up fossil fuel companies with $3.3 trillion, enough to fund 4,232 gigawatts of new solar power plants capable of powering the U.S. almost four times over.
Carbon price
A dozen G20 countries have established nationwide prices on greenhouse gas emissions. But aside from France and Germany, lax policies and low prices have limited their impact. Carbon laggard: Just 8% of U.S. emissions are covered by a (state) carbon market and the average carbon price is a low $6 per ton.
G20 nations funneled $636 billion in direct support to fossil fuels in 2019 – even before Covid recovery funding kicked in. From 2015 to 2019, G20 governments propped up fossil fuel companies with $3.3 trillion, enough to fund 4,232 gigawatts of new solar power plants capable of powering the U.S. almost four times over.