Time to Stop Digging: Why Germany’s Climate Leadership Requires a Rapid Phaseout of Fossil Fuel Production and Finance
Oil Change International in collaboration with 350.org
Oil Change International along with partners is releasing a new report entitled, Time to Stop Digging: Why Germany’s Climate Leadership Requires a Rapid Phaseout of Fossil Fuel Production and Finance.
This report, one of a series of national briefings following our global Sky’s Limit analysis, articulates how and why Germany is falling short of climate leadership and what actions must be taken to change that.
Highlights of the key findings of the report include:
- Germany must phaseout all coal mining within 10 years or less, or the Paris goals will become unachievable. As the world’s largest producer of lignite coal, Germany is well-positioned to lead in a rapid shutdown of existing coal mines.
- Emissions from potential oil and gas resources, if found and developed, could equal roughly one-third of the total emissions in Germany’s existing coal mines.
- Between 2014 and 2016, Germany contributed over 50% more public finance for fossil fuel expansion abroad than for clean energy expansion abroad (USD 13 billion versus USD 8 billion).
- Germany’s public finance for fossil fuel expansion abroad is five times as much as the entire world spends to support climate and disaster resilience in small island developing states (such as Fiji, this year’s President of the UN climate change negotiations).