Oil Change International

Exposing the true costs of fossil fuels

New #COP21 Analysis: Start funding climate action, stop funding climate chaos

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FOR IMMEDIATE RELEASE

December 3, 2015

Contact:
Alex Doukas, alex [at] priceofoil [dot] org
David Turnbull, david [at] priceofoi l[dot] org

New analysis finds fossil fuel subsidies exceed Green Climate Fund support 40 to 1
Activists to demonstrate at Paris climate talks, demanding Parties Stop Funding Fossils

PARIS – New analysis from Oil Change International and Climate Action Network – Europe released today at the COP21 United Nations climate negotiations reveals that G7 countries along with Australia spend 40 times more on support for fossil fuel production than they do in contributions to the Green Climate Fund.

The analysis shows that the Australia, Canada, France, Germany, Italy, Japan, the United Kingdom and the United States account for some $80 billion per year in public support for fossil fuels, while their total pledges to the Green Climate Fund only amount to $2 billion per year.

“Though rich countries are crying poor when it comes to what they can offer on climate finance, we already know where to find billions of dollars that could be used to support climate action and adaptation to climate impacts in poor countries: we can shift the hundreds of billions of dollars in public support for fossil fuels and use it to support climate action,” said Alex Doukas, Senior Campaigner for Oil Change International.

The analysis builds upon a recent report released by Oil Change International and the Overseas Development Institute that found $452 billion in public support for fossil fuels from G20 countries annually. This compares to only $121 billion in renewable energy subsidies on the global level per year.

“Eliminating fossil fuel subsidies in rich countries could be a massive double win. It would stop a huge waste of public money that’s driving the climate crisis, while at the same time freeing up money that can help poor countries adapt to the impacts of climate change and make the shift to renewable energy,” Doukas said.

The analysis uncovers that Australia provides more than 113 times more in subsidies to fossil fuel producers than Green Climate Fund commitments each year; Canada, 79 times more; Japan, 53 times more; the UK, 48 times more; Italy, 42 times more; the US, 32 times more; Germany, 21 times more; and France, 6 times more subsidies to fossil fuel producers than contributions to the Green Climate Fund.

On Friday, December 4, activists will demonstrate in the halls of the Paris climate talks to raise attention to this analysis. Holding signs stating Stop Funding Fossils, and bringing photos into the negotiations from a recent Stop Funding Fossils global day of action. The demonstrators will ensure negotiators at the climate talks cannot escape the reality that fossil fuel subsidies remain at high levels while the Green Climate Fund struggles achieve its funding goals.

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MEDIA AVAILABILITY:

Thursday, December 3rd, Alex Doukas, author of the analysis, will appear in a press conference at 11:00am in Le Bourget Press Conference Room 3, also webcast live and on demand at http://unfccc6.meta-fusion.com/cop21/. He will be available at 11:30am for one-on-one questions as well.

DETAILS FOR FRIDAY ACTION at the Paris Climate Talks:

WHAT: Demonstrators will be chanting and holding banners and photos demanding parties Stop Funding Fossils. Photo opportunity within the “Blue Zone” with banners, activists, and chanting.

WHEN: 8:30-9:00am, Friday, December 4th

WHERE: Le Bourget, “Blue Zone”, Outside Hall 4 along Champs-Élysées (next to TV studio platform)

Comments (7)

  1. Diane Mills says:

    It is beyond obvious what must happen to set our planet on the road to recovery – stop funding fossil fuel industry and use those funds to build the necessary green infrastructure globally! Simple – lets make it happen. Now or never!

  2. Diane Mills says:

    It is beyond obvious what must happen to set our planet on the road to recovery – stop funding fossil fuel industry and use those funds to build the necessary green infrastructure globally! Simple – lets make it happen. Now or never!

  3. Came to the party late but have researched the subject much in the last 6months. I am shocked and appalled by how little has been accomplished. I am especially interested in what Canada can do now that we have “come in from the cold.”
    Hoping for a major announcement in Paris. especially one that deals with the dire situation that the folks within http://aosis.org/ are experiencing.

  4. These statistics are frightening. However, one cannot be surprised by the actions of the so-called developed countries. The global economy holds much more importance for the North than the climate/environment does.

    Alternative energies and climate change action needs to become the dominant discourse for every country if our planet is to have any future.

  5. Doug Grandt says:

    Since my 2012 retirement, I have relocated from Hayward CA to Lincoln NE and now to Brattleboro VT. I am now closer to your office. I would like to come visit and chat with you about an unintended consequence not considered in this analysis. It is significant and complex, but I believe a face-to-face would quickly elucidate … Please email or call 510-432-1452. I will come to DC to meet you.

  6. Barbara says:

    It is not clear where these subsidies are going exactly. To exploration/ exploitation of reserves/ refining/ storage/ retailing? It would be good to have a breakdown.

  7. noshoefe says:

    Holding signs stating Stop Funding Fossils, and bringing photos into the negotiations from a recent Stop Funding Fossils global day of action. Where is this information?

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