Posts by Elizabeth Bast
- 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...
Continue reading 'The Cost of Subsidizing Fossil Fuel Production In Turkey'.
- 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.
- World Bank Group finance for projects that included fossil fuel exploration was highest in FY2013, at nearly $1 billion out of $2.7 billion total for fossil fuel projects in 2013.
- In spite of a heightened institutional focus on combating climate change, the World Bank increased its lending for fossil fuels over the last year. Meanwhile, the World Bank also has a ways to go in terms of tackling its objective of supporting universal access to energy, as only 8 percent of the Bank’s energy portfolio last year targeted the world’s poorest.
- The World Bank Group (WBG) increased financing for both fossil fuels and large hydropower significantly this past year, while financing for clean energy dropped. Overall, only 8 percent of the Bank’s energy financing last year was aimed specifically at the poor.
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