G-20 Countries Avoid Climate Backslide Despite Rush for Energy

By John Ainger and Bloomberg

World’s biggest economies still fail on Paris Agreement Goals US climbs several places thanks to Inflation Reduction Act.

The world’s largest economies boosted policies to fight climate change despite last year’s energy crisis, allaying fears that cutting emissions would be pushed down the priority list amid a scramble for resources.

Most Group-of-20 countries backed regulations that support the transition to renewables even as they took unprecedented steps to bolster energy security following Russia’s invasion of Ukraine, according to a report by BloombergNEF. Seventeen countries maintained or improved their zero-carbon policy ratings, yet the group as a whole is still far from addressing the climate crisis comprehensively, it said.

The report is the latest sign that a widely-anticipated backslide on the climate hasn’t materialized even though countries risk relying more on dirtier fuels like coal to shield citizens from rising prices. Yet stronger policies will still have to be put in place if the world is to keep global warming below the Paris Agreement target of 1.5 degrees. G-20 nations account for around 80% of global greenhouse gas emissions.

“It’s good news that the energy crisis hasn’t resulted in widespread backtracking on climate policy,” said Victoria Cuming, head of global policy at BNEF. “But this isn’t a reason to take a vacation: no G-20 country has enough low-carbon policy to achieve the goals of the Paris Agreement.”

The report follows separate data this week showing the EU — one of the regions hardest hit by last year’s energy crisis — managed to cut emissions by 4% in the fourth quarter compared with a year earlier.