There have been some advances. In May, the Group of Seven nations pledged to stop using public funding for new coal-fired power plants, while the United States moved away from gas projects through the MDBs. The European Bank for Reconstruction and Development promised to stop investing in upstream oil and gas projects by the end of 2022 to align. China also pledged to stop building coal plants abroad.
But the G-20 nations are responsible for 75% of global greenhouse gas emissions. With COP26 just over two weeks away in Scotland, the report urged countries whose goals do not align with limiting global warming to 1.5 degrees Celsius from pre-industrial levels to present stronger ones.
“The G-20 countries are really behind. At the end of the 2030 climate targets, fossil fuel phase-out plans and climate finance packages, ”said Laurence Tubiana, Executive Director of the European Climate Foundation. “The G-20 needs to move mountains.”
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