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    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
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    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Top Stories

    Posted By Wanda Rich

    Posted on June 14, 2022

    Featured image for article about Top Stories

    By Kate Abnett

    BRUSSELS (Reuters) – 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.

    “The energy crisis exacerbated by the war in Ukraine has seen a perilous doubling down on fossil fuels by the major economies,” Antonio Guterres said in a video address to the Austrian World Summit, a climate conference.

    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.

    For example, Germany and the Netherlands announced plans this month to develop a new North Sea gas field, and Chancellor Olaf Scholz also has said Germany wants to pursue gas projects with Senegal.

    State-owned QatarEnergy’s North Field East is expanding as part of the world’s largest liquefied natural gas project, and Britain is financing an LNG project in Mozambique.

    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. Guterres called on financial actors to fund renewables.

    “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, noting that soaring oil and gas prices have hiked energy bills around the world.

    (Reporting by Kate Abnett; Additional reporting by Marwa Rashad in London; Editing by Katy Daigle and David Evans)

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