US President Joe Biden s efforts to promote offshore wind development were tied to the approval of new oil leases by Congress. Recently, the US Export-Import Bank approved $1.5 billion for an overseas oil and gas project in Estonia, contrary to the US s and G7 s promise to end international fossil finance.
Climate change: As per the study, the world is left with only half of the total carbon budget of 550 Gt of CO2 which was previously estimated by IPCC in 2021 to still have a 50% chance of limiting warming to 1.5°C. This means that countries will have to act quicker to achieve Net Zero