As the African Development Bank (AfDB) kicks off its first-ever Africa Investment Forum in South Africa, a new report finds that the AfDB’s own support for the most cost-effective energy access solutions lags far behind what is needed – in contrast to its world-leading pledge to scale up energy access on the continent.
Argentina is on the brink of an oil and gas production explosion, with its top shale plays forecasted to vastly increase oil and gas production in the country through mid-century. The annual summit for the Group of 20 countries, which will be held in Buenos Aires at the end of November next year, seems set to serve as a boost for this development.
Instead of funding clean energy solutions, G20 governments and multilateral development banks still overwhelmingly fund the problem, averaging nearly $72 billion per year in public finance for fossil fuels compared to less than $19 billion per year for renewable energy.
Oil Change International and Overseas Development Institute released a new report today, ‘Empty Promises: G20 subsidies to oil, gas and coal production,’ documenting government support from G20 countries to the fossil fuel industry.
G20 country governments are providing $444 billion a year in subsidies for the production of fossil fuels. These governments are propping up the production of oil, gas and coal, most of which can never be used if the world is to avoid dangerous climate change, and undermining national climate commitments.
The Cost of Subsidizing Fossil Fuel Production In Turkey: Why Turkey Should Implement the G20 Commitment To Phase Out Fossil Fuel Subsidies Oil Change International and 350.org September 2015 Market distorting subsidies to fossil fuels contribute to greenhouse gas (GHG) emissions and impede the transition to sustainable, low-carbon development. In 2009, G-20 countries committed to phase out “inefficient” fossil fuel … Read More
This analysis finds that over the last decade, export credit agency financing has played a significant role in supporting coal power generation globally. Most alarmingly, OECD export credit financing for coal has substantially increased in recent years.
Today, Oil Change International and the Sierra Club released a report finding that none of the major multilateral development banks are succeeding in reaching the world’s poor with their energy projects.
Today, the Sierra Club and Oil Change International released a new report highlighting the failure of the world’s top multilateral development banks (MDBs) to align their energy lending with the International Energy Agency’s (IEA) projections for ending energy poverty.
On Monday, June 16 the Organization for Economic Cooperation and Development (OECD)’s Export Credit Group will meet to discuss climate and energy related financing through Export Credit Agencies – public agencies that fund or guarantee private corporations from their home country to invest or export overseas.