G20 Commits $Billions to Energy
G20 countries have committed 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 energypolicytracker.org.
These 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.
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.
The 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 and statements and therefore are not included, the site states.
G20 is made up of the following countries and unions:
- European Union
- Saudi Arabia
- South Africa
- South Korea
- United Kingdom
- United States
As of July 15, there have been 13.1 million confirmed cases of Covid-19, with 574,464 deaths, according to the latest information from the World Health Organization (WHO). The worst affected region, as of July 15, has been the Americas with 6.8 million confirmed cases and 290,674 deaths, WHO data shows.
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