India reduced support to the fossil fuel industry by 4 per cent between the years 2015-2019, a report by report by the global research organisation, BloombergNEF and Bloomberg Philanthropies read.
The report released last week stated that the country reduced the support but currently has 66 coal power plants as proposed projects, which is second to China, with 247 coal power plants in the making among G20 countries, followed by Indonesia with 33.
In 2019 alone, the G20 countries had directly aided $636 billion for fossil fuels, 10 percent less than 2015. Although these countries have time and again mentioned their climate targets in accordance with the Paris Agreement goal of limiting global temperature rise, the report stated they provided $3.3 trillion support for coal, oil, gas, and fossil-fuel power between the same years.
The exact amount could have funded 4,232GW new solar power plants.
Policies Not Enough To Mitigate Fossil Fuels
Member of the Board of Management of Allianz SE and chair of the UN convened Net-Zero Asset Owner Alliance, Günther Thallinger, said that today's policies of the G20 countries are not sufficient to achieve the 1.5 degree Celsius goal.
"The new NDCs (nationally determined contributions) and 2050 net-zero targets from some G20 countries are welcome. But, pledges and targets are not sufficient to change the course. The development and publication of credible 2030 emission reduction plans, which create a rising carbon price and have clear regulatory standards, including on climate-related financial disclosures, are urgently needed."
Many Countries Fund The Industry
The G20 countries have cut finances to fossil fuels by 10 per cent during 2015–19. But eight nations increased their support to the industry, including Australia, Canada, the US, Brazil, France, Indonesia, Mexico, and China, the report further read.
"This support encourages the wasteful use and production of fossil fuels. It can also distort prices and risks carbon 'lock-in'— whereby assets funded today will be around for decades, locking in high levels of future emissions. All of these factors hinder the climate transition," Hindustan Times quoted the report.