A new analysis finds that six major multilateral development banks provided over $7 billion in public financing for fossil fuels in 2015, and over $83 billion in financing for fossil fuels from 2008 to 2015, despite public claims of the urgent need for action on climate.
“Canada’s fossil fuel subsidies are like taxing consumers when they buy cigarettes while giving massive tax breaks to tobacco companies that encourage them to produce more cigarettes. It doesn’t make sense.”
An update to our previous reports on international coal finance, this report confirms that financing for coal threatens to undermine the Paris Agreement’s aims.
A new study released by Oil Change International, in partnership with 14 organizations from around the world, scientifically grounds the growing movement to keep carbon in the ground by revealing the need to stop all new fossil fuel infrastructure and industry expansion.