One PriceOfOil campaigner called on countries to 'stop pumping taxpayers' money into gas projects that are wrecking our climate, leave the energy crisis unsolved, and will end up as stranded assets.'
"There is no time for so-called transition fuels, when fossil fuel dependency is exacerbating the climate and energy crises, and fossil fuel projects are harming communities and the environment," warned one campaigner.Despite pledging to take action on the climate emergency, including by ending international fossil fuel financing, Group of 20 governments continue to pour billions of dollars into gas infrastructure expansion, according to an analysis released Wednesday.
"Of the $234.6 billion total capital expenditure for the LNG export terminals built in the last decade, loans from international public finance institutions made up at least 24% of the total ," the report explains."On top of this, these institutions provided $22.4 billion in equity investments and loan guarantees to insure against potential losses for other financiers."
OCI's briefing warns that another dozen projects expected to be completed by 2026 would generate an additional 654 megatonnes of yearly planet-heating pollution, or about the annual emissions of Germany—as climate scientists and energy experts"These shocking figures show that laggard countries need to catch up with leading governments and urgently change course to stop pumping taxpayers' money into gas projects that are wrecking our climate, leave the energy crisis unsolved, and...
At $39.7 billion, Japan leads the world in public financing for LNG export capacity 2012-26, followed by China and the United States . Rounding out the top 10"worst offenders" are South Korea, Russia, Italy, Germany, France, Australia, the United Kingdom, and the Netherlands.
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