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G7 nations continue to spend billions on oil, gas and coal each year

The G7 nations continue to support the oil, gas and coal industry with USD 100 billion each year despite climate goals, a new report shows.

Photo: ritzau/Vahid Salemi/AP

The big G7 countries continue to pump a total of over USD 100 billion into the oil, gas and coal industry each year, concludes a new report by a group of researchers from a British think tank, anti-fossil energy organization in the US, a Canadian sustainability think tank as well as US environmental organization NRDC, reports Euractiv.

The report criticizes the G7 countries – the US, Germany, Italy, Japan, the UK, France and Canada – for continuing to support coal, oil and gas production instead of prioritizing greener wind and solar energy. The researchers also argue that the continued priority given to fossil energy is a hindrance to climate change mitigation.

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