June 2 (UPI) — The United States, Britain, Canada, Germany, France, Japan and Italy are investing more in fossil fuel-using companies than they are in those that use clean energy, according to an analysis published Wednesday.
Tearfund, the International Institute for Sustainable Development and the Overseas Development Institute produced the study, which says the countries — known as the Group of Seven — disproportionately demonstrated the continued support for for oil, coal and gas between the start of 2020 and March.
The report says fossil fuels received about $190 billion in support from the seven nations over those 15 months, compared to $147 billion for clean energy forms. It says just $1 out of every $10 were collectively spent on the “cleanest” measures.
The support included measures to strip or weaken environmental regulations and directly funding oil, gas and coal, the study says.
“Every day, Tearfund witnesses the worsening consequences of the climate crisis for communities around the world — farmers’ crops failing; floods and fires engulfing towns and villages; families facing an uncertain future,” Paul Cook, head of advocacy for Tearfund, said in a statement.
“Choices made now by the G7 countries will either accelerate the transition towards a climate-safe future for all or jeopardize efforts to date to tackle the climate crisis.”
The report says Australia, India, South Korea and South Africa have markedly improved their climate change plans — while Canada, France, Germany and Britain “have so far approved plans that will cause more environmental good than harm.”
“G7 countries’ failure to green their COVID-19 recovery is a major missed opportunity, both in terms of achieving a fast decarbonization of their economies and creating jobs,” added Angela Picciariello, Overseas Development Institute senior research officer.
Picciariello said investments in fossil fuel companies with “no green strings attached” are highly problematic and offer those companies no motivation to change.
Britain is planning to host the next G7 summit from June 11-13.