BP and Shell’s total profits in 2024 are more than twice the UK’s climate fund commitment, a new analysis from NGO Global Justice now finds.
The profits above Shell’s total and BP of 2024 will be £26.2 billion. In contrast, the UK has pledged to spend £11.6 billion on international climate funds between the fiscal year beginning April 2021 and April 2025.
“We’ve been working hard to get the most out of our business,” said Izzie McIntosh, Climate Campaign Manager at Global Justice Now.
Pledge
“The real challenges of 2024 have come to those suffering from sky-high billing, and to those in the community, where their loved ones, homes and more have been lost to fires and floods, primarily due to the production and burning of fossil fuels.
“If this government wants to increase popularity at home and abroad, it will need to tax the fossil fuel giants to pay for their ambitious climate-funding commitments and tax them for the cost of the green transition that will only keep our energy production away from massive compilation and taking our hands.”
Developing countries criticized wealthy countries, including the UK, for failing to pledge appropriate climate funds at the UNFCCC COP29 Climate Conference in November. By 2035, the agreed pledge of $300 billion a year is said to be well below the $1.3 trillion per year that many need.
finance
Independent, high-level expert group on climate finance The aforementioned The rich countries should contribute roughly $1.3 trillion by 2035, warning that “the world now achieves, the more it needs to invest later.”
The rich country is exaggerating the “true value” of climate funds to up to $88 billion by providing 70% of its climate funds through loans rather than grants for 2022. Found previously.
The UK government also has it Has been criticized previously “Double count” of climate funds after making some definitional changes to what is worthy of climate financial targets.
This author
Brendan Montague is the editor of Ecologist.
