While the MDBs endorsed the Sustainable Development Goals, this new report shows that from 2014 through 2017, MDBs directed just 2% of their energy finance toward the off-grid and mini-grid energy solutions.
“G7 countries must turn words into action and develop a detailed roadmap for phasing out fossil fuel subsidies by 2025. For Canada, this responsibility ultimately lies with Environment and Clean Growth Minister Catherine McKenna and Finance Minister Bill Morneau,” said experts from the #StopFundingFossils coalition.
Analysis of the data shows that public finance for energy in Africa focuses on fossil fuels, as key energy access solutions are left behind.
A study published today, by a group led by the International Institute for Applied Systems Analysis (IIASA), indicates that eliminating fossil fuel subsidies could curb global greenhouse gas emissions by as much as 5% through 2030 while saving hundreds of billions of dollars in public money. Despite this seemingly good news, the framing of the study was strangely downbeat, casting these reductions as “only a small effect on CO2 emissions.” What we know from reading the actual findings of this study, as well as several other analyses of the climate impacts of fossil fuel subsidy removal, is that nixing oil, gas, and coal subsidies would be a big win for the climate, would saves money, and could free up resources to help the poorest and most vulnerable.
The World Bank just shook the world of energy finance to its foundations. On December 12, at the One Planet Summit in Paris, the world’s most high-profile public bank said they would no longer finance oil and gas extraction after 2019. This move made headlines around the world, and it was the direct result of … Read More
Today at the One Planet Summit the World Bank set a new bar for financial climate leadership by committing to end finance for oil and gas extraction and exploration projects.
The 12 projects contained in today’s new briefing are examples that demonstrate how public finance is still acting as a critical lifeline for destructive fossil fuel projects, many of which could not otherwise be built, and how this support continues to this day, a full year after the Paris Agreement entered into force.
To have any hope of meeting globally-agreed climate goals, global financial flows must rapidly align with low-emission, climate-resilient development, and government-backed public finance institutions like the World Bank must signal this transition.
Today, Germany quietly released the ‘German Report on the Phasing-Out of Inefficient Fossil Fuel Subsidies,’ the country’s self-review as part of the G20 fossil fuel subsidies peer review process. Despite Germany’s rising fossil fuel subsidies, the review states that Germany plans to end only two subsidies, and claims that none of the other fossil fuel subsidies are ‘inefficient,’ supposedly putting them outside the G20 subsidies phase-out pledge.
The U.S. Export-Import Bank (USEXIM) is the third-largest supporter of fossil fuels among all G20 countries, according to a new report out today from Oil Change International, Friends of the Earth U.S., and WWF’s European Policy Office.