G7 nations invest big to reinvent fossil fuel than green energy

G7 nations invest big to reinvent fossil fuel than green energy
The Siliconreview
02 June, 2021

The G7 nations have invested billions of dollars into fossil fuels than they have into clean energy since the Covid-19 pandemic to reinvent the fossil fuel sector. New analysis has revealed that the countries attending the summit are committed $189bn to support oil, coal, and gas. It is reported that the G7 conference will be held in the UK.

Countries like UK, US, Canada, Italy, France, Germany, and Japan are taking part in the summit and have already spent $147bn on clean forms of energy. The support for fossil fuels from seven of the world's richest nations included primary measures to remove or reduce environmental regulations and direct funding of oil, gas, and coal. In most cases, the money offered for fossil fuel industries was given with no strings attached.

Recent analysis has found that eight in every 10 dollars spent on non-renewable energy came without conditions. This included lifelines thrown to the aviation and car industries, which received $115bn from the G7 countries. Of that money, 80 percent of the amount was given with no attempt to force the sectors to cut their emissions in return for support.