The Mountain Valley Pipeline will not enable U.S. LNG exporters to export more gas to Europe, is not needed in the Southeast, and will increase GHG emissions and make it harder to reach our climate targets. MVP is a false solution looking for a problem. It’s out of date and out of time.
This briefing illustrates how G7 public finance flows remain severely misaligned with climate goals. G7 public finance for fossil fuels between 2018 and 2020 totalled over USD 100 billion, four times its support for renewable energy.
Asia is one of the few remaining growth markets for gas. The fossil fuel industry and its proponents are pushing to develop $379 billion of gas terminals, pipelines and power plants in Asia over the next decade. Roughly three-quarters of all Liquified Natural Gas (LNG) import terminals in development globally are planned for Asia. This aggressive buildout ignores a simple truth.
This impending buildout of new gas infrastructure poses one of the greatest threats to meeting the goals of the Paris Agreement. Instead of forming a bridge — as gas proponents claim — gas expansion builds a wall against the clean energy future we need.
At this year’s G7 meeting countries are discussing how to “build back better” towards a “greener, more prosperous future.” This factsheet explains the current state of G7 finance for fossil fuels and why it needs to shift to clean energy.
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.
The Energy and Natural Resources Act of 2017 (S.1460) would pave the way for fossil fuel expansion, locking in decades of dirty energy and undermining the necessary clean energy transition.
Each year, federal and provincial governments pay billions in hand-outs to Canada’s coal, oil and gas companies, undermining both existing and proposed climate action in Canada.
If the world is going to meet the goals of the Paris Agreement on climate change, international financial institutions—including the World Bank—must do their part. The World Bank has made commitments to fight against climate change but continues to finance fossil fuel exploration, production, and combustion—the primary drivers of climate change.
Dakota Access should be stopped immediately for a long list of reasons. But we must also stop billions of taxpayer dollars from flowing to fossil fuels.