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China, Japan, South Korea give US$50 billion a year to fossil fuel projects: watchdog

May 27, 2020 | 🚀 Fathership
China, Japan, South Korea and Canada have used credit agencies and development banks to funnel more than US$50 billion to fossil fuels every year, new analysis has found.

Overall, rich nations have directed at least US$77 billion in each of the last three years to oil and gas projects, despite their commitment under the to slash greenhouse gas emissions and limit temperature rises "Well below" 2 degrees Celsius, a report by the watchdog Oil Change International showed.

The report found G20 countries are still providing three times as much money each year to fossil fuel projects as they are to clean energy.

They finance existing and new energy projects through credit export agencies, which provide government-backed loans and guarantees to corporations, and through international development programmes.