For Immediate Release
December 3, 2012

Contacts:
Steve Kretzmann, +1-202-497-1033 steve@priceofoil.org
David Turnbull, +1-202-316-3499, david@priceofoil.org

New Analysis: Fossil Fuel Subsidies in Developed Countries Dwarf Climate Finance Commitments at UN Climate Convention

Doha, Qatar – New analysis released today by Oil Change International shows that the richest developed country fossil fuel subsidies are more than five times greater than fast start climate finance funds.

The analysis was based on subsidy data released on the web last week by the Organization for Economic Cooperation and Development (OECD) and climate finance data complied by the World Resources Institute (WRI).

The International Energy Agency (IEA) made headlines last month with its new analysis of fossil fuel subsidies at $523 billion – a 30% increase over last year. However, the IEA only analyzes consumption subsidies in developing countries. The OECD analysis covers developed countries, including most of those who are part of Annex 2 of the United Nations Framework Convention on Climate Change (UNFCCC). Annex 2 countries are those countries that under the UNFCCC are obligated to provide climate finance.

“What this analysis shows is that governments gathered in Doha to supposedly fight climate change need to put their money where their mouths are” said Stephen Kretzmann, Executive Director of Oil Change International. “It should be plainly obvious that you can’t solve a problem when you’re spending vastly more to continue creating it than you are to fix it”

OECD analysis shows that fossil fuel subsidies in 2011 in Annex 2 countries were more than $58 billion. Climate finance pledges over the last three years averaged $11 billion annually.

A two page pdf summary of the analysis, is available here.

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