'Right now, G20 countries and MDBs are overwhelmingly using their international public finance to prop up fossil fuel companies and prolong the fossil fuel era,' despite promises—and the climate imperative—to stop, say PriceofOil and friends_earth.
"It is well past time that public finance dollars are spent to remedy fossil fuel colonialism by funding real solutions," asserted one of the lead authors of a new report.
"This support directly counters G20 countries' commitment to align financial flows to 1.5°C under the Paris agreement, as well as their 2009 commitment to phase out fossil fuel subsidies," the publication continues.
The new report comes just days ahead of the United Nations Climate Change Conference, or COP27, in Sharm El-Sheikh, Egypt. Last year, at COP26 in Glasgow, Scotland, dozens of countries and institutions including the United Statesto end public financing of fossil fuel projects by 2022 and fully prioritize a shift to clean energy investment.
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