G20 governments continue to provide billions of dollars for the production and consumption of fossil fuels. This report finds that they provide at least USD $63.9 billion per year in government support to the production and consumption of coal alone, with almost three-quarters of the support identified being directed to coal-fired power production.
The twin challenges of air pollution and climate change demand a rapid transition away from fossil fuels, and a particularly rapid phase-out of coal-fired power plants. Despite this, the Korean government continues to be among the biggest backers of coal-fired power plants around the world.
A new analysis finds that overseas coal-fired power plants supported by Korea’s public finance institutions could cause as much as 27 trillion KRW (nearly USD 25 billion) in annual damage to people’s health and the climate.
A new analysis of leaked OECD data finds that over the last decade, export credit agency finance has played a significant role in supporting coal power generation globally.