Since 2019, some $900 billion has been invested annually worldwide in new oil and gas wells, pipelines and oil tankers, refineries and coal plants. The sixty largest banks in the world were willing to arrange for 3.8 trillion dollars in this type of fossil financing in five years (2016-2020).
They did this after the Paris climate agreement was signed and with the help of governments. The nineteen richest countries alone and the EU — the “Group of Twenty,” or G20 — subsidize the production of new oil and gas reserves by $280 billion a year.
Since the start of the corona crisis, more money has also been spent on fossil fuels than on sustainable energy, concludes Energy Policy Tracker.
Read more about this here.
To make matters worse, Russia's invasion of Ukraine has pushed gas prices so far that coal is once again becoming a more attractive alternative to power production.
(Source: De Correspondent)
The IPCC stated in no uncertain terms in their 2022 report that there is an 'almost linear relationship' between our emissions and the warming we cause.