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.
A new Oil Change International report shows that, if Germany is truly committed to being a leader in meeting the goals of the Paris Agreement, it must lead the way with a rapid phaseout of fossil fuel production and finance.
Rapidly phasing out coal, banning oil and gas expansion, and ending dirty international finance are required for Germany to recover its climate leadership, says new report.
Germany is falling far short of true climate leadership – our new report details why it must end coal production swiftly with a just transition and stop funding fossil fuels aboard.
In his first outing as Secretary of State, former ExxonMobil CEO Rex Tillerson may have been quiet, but the world’s climate leaders were not. Ahead of the G20 meeting of foreign ministers, hosted by Germany in Bonn, German government officials didn’t mince words: “You can’t fight climate change by putting up barbed wire,” said Foreign Minister Sigmar Gabriel, a not-so-thinly veiled swipe at Rex Tillerson and Donald Trump’s climate denial, and the Trump Administration’s racist immigration policies.
A handful of wealthy countries are still funding fossil fuels instead of climate action, giving 3.6 times more public money to prop up fossil fuels than they’re giving to developing countries to address climate change.
Today, G20 leaders in China again failed to set a deadline to end fossil fuel subsidies, seven years after they first committed to ending them. Even as G20 governments move to ratify the Paris Agreement on climate change, they’re adding fuel to the fire by dumping $444 billion of our money into polluting fossil fuel companies every year, undermining the spirit … Read More
“Cigarettes are good for you.” The tobacco industry successfully peddled this myth for decades. Today, nobody would believe them, and the boldness of the lie seems staggering in retrospect. But Japan, under the leadership of Prime Minister Shinzo Abe, seems determined to give the tobacco industry a run for its money with another big lie: … Read More
New analysis released today at the COP21 climate negotiations reveals that G7 countries along with Australia spend 40 times more on support for fossil fuel production than they do in contributions to the Green Climate Fund.
Combining all known public sources, and augmenting them with subscription industry databases, this report makes comprehensive information on public financing for coal easily accessible for the first time.