G20 Commits $267bn to Different Energy Sector Types Despite COVID-19
The G20 countries has announced the commitment of at least $267.1 billion to support different energy types through new or amended policies since the beginning of the pandemic, as of July 15, according to a report by energypolicytracker.org.
The G20 countries include: Argentina, Australia, Brazil, Canada, China, the European Union, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, and the United States. Spain is a permanent guest invitee.
The G20 represents the premier forum for international cooperation on the most important aspects of the international economic and financial agenda. They bring together the world’s major advanced and emerging economies.
The report said commitments include $120.56 billion for unconditional fossil fuels, through 129 policies, $72.22 billion for conditional clean energy, through 47 policies, and $30.25 billion for conditional fossil fuels, through 16 policies. They also include $27.66 billion for other energy, through 28 policies, and $16.41 billion for unconditional clean energy, through 47 policies.
The G20 countries are said to have committed $126.91 billion to oil and gas – $103.34 billion of which is for unconditional oil and gas and $23.56 billion of which is for conditional oil and gas – and $10.20 billion to unconditional coal.
Energy Policy Tracker website showcases publicly available information on public money commitments for different energy types. The research is said to follow a “bottom-up” approach, which involves collecting data on individual policies at an individual country level, and then aggregating them.
The team behind the tracker is made up of a core group of six organizations – comprising IISD, IGES, OCI, ODI, SEI and Columbia University – as well as several contributing partners. According to the site, a “considerably larger” amount of public money committed to supporting the economy and people of G20 through monetary and fiscal policies in response to the crisis may also benefit different elements of the energy sector.
However, these values are not available from official legislation an statements and therefore are not included, the site states.
Chibisi Ohakah, Abuja