It is a proposal which risks facing an outcry from the Brics. France could, with the support of the United States, propose a ban on private financing of coal-fired power plants during the COP28 which will be held from November 30 in Dubai. A plan which risks aggravating dissensions between the countries present as New Delhi and Beijing oppose any attempt to prevent the construction of coal-fired power stations.
And yet, the real provider of funds for fossil fuels is the State. According to the IMF, subsidies continue to increase in 2022 with $5.7 trillion allocated globally. That’s $500 billion more than in 2021 and $1.6 trillion more than in 2015. For comparison, big banks paid $673 billion to fossil fuel producers in 2022, according to the Banking on Climate Chaos NGO coalition.
Published just two weeks before the next COP28, the World Meteorological Organization (WMO) greenhouse gas bulletin details that global CO2 concentrations have exploded to exceed pre-industrial values by 50% in 2022.