For the UK to be credible as a COP26 host, it should end all overseas and domestic finance and subsidies for oil and gas production. Emissions from oil, gas and coal in already-operating fields and mines globally will push the world far beyond 1.5°C of warming.
Canada’s export bank, Export Development Canada (EDC), already provides on average nearly fourteen billion dollars in support to oil and gas companies each year. As a result, Canada ranks second highest among G20 countries in public finance for fossil fuels. Now the federal government is using EDC to channel even more support to the oil and gas sector, which has been intensely lobbying the government for a bailout package of up to $30 billion.
Grassroots campaigners at a press briefing yesterday said political leaders are failing to ensure a just and sustainable recovery, as new data shows that the world’s 20 richest countries have committed more than USD 150 billion of public money to support fossil fuels since the start of the COVID-19 crisis.
Decisions taken in response to the COVID-19 crisis today will lock in the world’s development patterns for decades. With policy decisions made on a daily basis, information about how public money is being spent can be hard to follow. That is why a consortium of 14 expert organizations came together to track energy-specific responses by G20 governments.
Data made public today on the Energy Policy Tracker, a new website tracking climate- and energy-related recovery policies, shows a total commitment of at least USD 151 billion from G20 governments in support of fossil fuels.
Amidst a climate crisis and global pandemic, it’s essential that countries develop public finance packages that phase out fossil fuel production and invest in a just, green transition toward renewable energy that benefits communities and industry workers. While the Netherlands has committed to redirect financial flows from fossil fuels to climate action, this report reveals that the Dutch Government continues to provide billions — at least €8.3 billion per year — in taxpayer backed support for the production and use of fossil fuels.
Amidst a climate crisis and global pandemic, a new analysis from Friends of the Earth Netherlands and Oil Change International reveals that the Dutch government continues to provide billions — at least €8.3 billion per year — in taxpayer backed support for the production and use of fossil fuels. By ending fossil fuel subsidies, the Netherlands could free up resources to invest in a just and green recovery from COVID-19, whilst reducing greenhouse gas emissions by 7.7% by 2025.
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
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.
Hundreds of environmental, social justice, labor, and progressive organizations applauded the release of the ReWIND Act, new legislation introduced today that would block a Big Oil Bailout and ensure relief money flows to people, not polluters.