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14 Jun 2022

Kate Abnett & Marwa Rashad, Reuters

Global: New funding for fossil fuel exploration and production would worsen the global problems of pollution and climate change says UN

'U.N. chief says the dash for new fossil fuels is 'delusional'', 14 June 2022

Rich countries have made a dangerous dash for fossil fuels in response to the Ukraine war, the U.N. secretary-general said on Tuesday, warning that new investments being made in coal, oil and gas were "delusional" given their impact on climate change...

Since Russia's February invasion of Ukraine, some countries have turned to buying more non-Russian fossil fuels or investing in new oil and gas fields to shore up their energy supplies.

Guterres said "new funding for fossil fuel exploration and production infrastructure is delusional" and would worsen the global problems of pollution and climate change.

Scientists say global carbon dioxide emissions need to be cut roughly in half by 2030, and reach net zero by 2050 in order to avoid the worst impacts of climate change.

The countries making new fossil fuel investments each have targets for cutting CO2 emissions by 2030. Germany has said diversifying its near-term gas supplies would not derail its climate plans to eventually slash fossil fuel use, and hit a newly ambitious target for renewable energy made since the Russian invasion began.

The International Energy Agency has called for an end to new oil, gas and coal projects in order to meet global climate goals, and says renewable energy investments must triple by 2030...

"Had we invested massively in renewable energy in the past, we should not be so dramatically at the mercy of the instability of fossil fuel markets now," Guterres said...