STOP FUNDING FOSSILS

Our Stop Funding Fossils program uses critical analysis and strategic organizing to end the vast quantities of government support flowing to the fossil fuel industry and accelerate the clean energy transition.
Public finance and subsidies for fossil fuels play a key role in driving oil, gas, and coal production. Climate leadership means not wasting another cent of public money on the industries that are causing the problem.

OVERVIEW OF WORK

Our research shows that G20 governments spend $444 billion per year propping up oil, gas, and coal production, while the G20’s taxpayer-backed public finance institutions provide nearly 4 times more public finance to fossil fuels than to clean, renewable energy.

These massive subsidies play a key role in expanding oil and gas production and locking in existing fossil fuels: recent analysis finds that half of the new oil fields being drilled in the US would have remained undrilled if not for substantial subsidies; at the same time, public finance for fossil fuels de-risks capital-intensive megaprojects, like massive coal plants in Southeast Asia, few of which would proceed without government backing. And as oil, gas, and coal producers face increasing competition from renewable energy, instead of simply reducing fossil fuel production, they exert their political influence to get more handouts to keep extracting.

Instead of spending scarce public resources on the fossil fuel industry, our work challenges public institutions to scale up their support for distributed renewable energy solutions that can deliver energy access quickly and at least cost in many developing countries: today, support for these solutions makes up only a tiny fraction of all public finance for energy.

We know from the work of our Energy Transitions and Futures program that already-producing oilfields, gasfields, and coal mines hold enough carbon to take the world well beyond 1.5°C of warming and up to 2°C. This means that governments who’ve signed up to the Paris Agreement (that’s nearly everybody) shouldn’t spend another cent of public money on fossil fuels if they take their commitment seriously. We call on them to stop funding fossils.

LATEST PROGRAM POSTS

A group of 40 German NGOs called on G8 Environment Ministers today to phase out fossil fuel subsidies at home and use their influence to steer the World Bank away from fossil fuels and towards a new energy revolution.

A long list of German organizations, including the German NGO Forum on Environment and Development, Oxfam Germany, WWF, Bund, Care, Urgewald, Misereor, Greenpeace, Church Development Service (EED), WEED, GermanWatch, and many more, presented these recommendations in a joint G8 policy paper to the G8 Environment Ministerial in Potsdam.The policy paper outlines NGO concerns related to climate change, energy, raw materials, biodiversity, trade,

Multilateral development banks concluded a two day conference in London yesterday on “Financing Clean Energy”. Non-governmental organizations were generally shut out of the meeting, restricted to a handful of participants, but a long list of oil and energy companies were in attendance and they were ready to discuss just about anything other than phasing out international subsidies to oil and other fossil fuels.

Recently the World Bank proudly announced that it was able to increase renewable energy and energy efficiency by 20 percent last year, but a close look at the figures also reveals that the Bank increased support for oil,

The Climate Action Network (CAN), a worldwide network of over 365 Non-Governmental Organizations working together to fight climate change, called on the G8 today to "start a complete phase out of public financing for fossil fuel operations and oil aid and ensure that International Financial Institutions, such as the World Bank, become leaders in investing in the energy future, based on renewable energies and energy efficiency."

Energy and climate change will once again be on the agenda at this year's G8 Summit in June in Germany, and CAN's call to end oil aid was one of a number

Well the public perception is that it is all change at Congress. With the Democrats in power, one of their promises is to get rid of nasty subsidies to the oil industry. Well apparently not.

Great article by Laura MacCleery, who is the director of Public Citizen’s Congress Watch division, on TomPaine.


According to MacCleery: “When the U.S. House of Representatives voted to eliminate $14 billion in tax breaks and subsidies for the oil and gas industry on January 18, it left at least one item off its target list: a billion-dollar handout to a research consortium that includes publicly traded companies

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LATEST PROGRAM RESEARCH

The time has come for ambitious E3F action, not just ambitious words. We do not want to see a year of vague compromises and exceptions that water the commitment down and lead to continued support for fossil fuels, such as gas - as this not only puts the climate at risks, it also locks countries in the south into fossil dependence with all the economic risks that come along.