Despite repeated pledges to end inefficient fossil fuel subsidies, G20 governments’ support to fossil fuels has dropped by only 9% since 2014–2016, hitting USD 584 billion annually over the last three years, according to a report released today by the International Institute for Sustainable Development (IISD), the Overseas Development Institute (ODI), and Oil Change International (OCI).
Author: Bronwen Tucker
Report: South Africa Continues to Bankroll Billions in Fossil Fuels
Poor transparency from DBSA, IDC, and ECIC means support for oil, gas, and coal likely higher than the ZAR 2.2 billion a year on record
Why $77 billion a year in public finance for oil, gas, and coal is even worse than it sounds
With the health and livelihoods of billions at risk from COVID-19, governments around the world are preparing historic levels of stimulus finance. Building a Just Recovery that avoids the worst of climate change means overhauling our public finance institutions fast.
Response to Canada’s oil and gas bailout announcement
That today’s announcement does not include most of the industry’s wish list is credit to massive public outcry.
Response: Export Development Canada changes in the Emergency Response Act could amount to a giant oil bailout
The new measures allow for an unlimited amount of public finance to flow to Canada’s oil and gas sector at the sole discretion of the Minister of Finance.
Report: G20 Nations Throwing Billions at Fossil Fuel Industry through Export Credit Agencies
A network of secretive, government-backed financial institutions called export credit agencies are handing more than $31 billion USD per year to the oil, gas, and coal industry, new analysis by Oil Change International and Friends of the Earth U.S. shows.
British Columbia is trying to fuel an LNG boom with billions in industry handouts
The Canadian province of British Columbia (BC) is shaping up to be one of the worst actors in the global dash for gas, facilitating Indigenous rights violations and climate chaos while they try to stake out a reputation as progressive leaders on both.
Denmark could be close to phasing out oil and gas extraction. Here’s why it would matter.
Last week we released a report outlining why Denmark can’t be a climate leader if it expands North Sea oil and gas production as planned.
EU’s lending arm wants more pipelines and the Paris Agreement – it can’t have both
The European Investment Bank (EIB) is the world’s largest multilateral lender, bigger even than the World Bank. As a public bank, it’s tasked with providing finance in the EU public interest, and it has an outsized influence on the EU’s energy system because of the private investment it can “crowd in” and the sheer amount of money it has at its disposal.