Affluent Nations Invest Billions in Oil and Gas, Contravening COP26 Commitments

In a shocking revelation, wealthy countries have been found to be financing the oil and gas industries to the tune of billions of dollars, in stark contrast to their promises made during the COP26 summit. This investment undermines the global fight against climate change, as it continues to support and bolster the fossil fuel industries.

Disregard for COP26 Promises

In the face of climate change, 197 countries came together in November 2022 at the COP26 summit in Glasgow, promising to phase out fossil fuel subsidies. However, recent findings reveal that wealthy nations have not kept their word. The financial support to the oil and gas industries from these countries continues unabated, contradicting their COP26 commitments.

Billions Poured into Oil and Gas

The report indicates that rich nations, including the UK, USA, and Canada, have continued to support oil and gas projects, collectively investing billions of dollars. This financial backing is not only promoting the use of fossil fuels but also undermining global efforts to reduce carbon emissions and combat climate change.

Undermining Climate Fight

The continuous funding of oil and gas projects by these affluent countries is seen as a major setback in the global fight against climate change. It contradicts the goal of limiting global warming to 1.5°C above pre-industrial levels, a key commitment made during the COP26 summit.

Despite the promises made during COP26, the continued financial backing of the oil and gas industries by wealthy countries flags a blatant disregard for the global climate agreement. This practice not only contradicts the pledge to phase out fossil fuel subsidies but also undermines the efforts to limit global warming and combat climate change. It remains to be seen how these nations will reconcile their actions with their commitments to the environment.