Governments are still spending billions subsidizing oil, gas and coal. We need to #StopFundingFossils and start investing in the future.
OVERVIEW OF WORK
Since the Paris Agreement, G20 governments have continued to finance more than USD 77 billion dollars annually in fossil fuels through multilateral development banks (MDBs), bilateral development finance institutions (DFIs), and export credit agencies (ECAs). This is three times the support they provide to clean energy. Beyond providing this direct monetary backing, these institutions reduce perceived risk and provide a government stamp of approval on fossil fuel projects that often serves to crowd in private finance. While recently the level of fossil fuel support has started to drop, institutional policies to exclude fossil fuel finance are needed to ensure this progress continues.
While a number of public finance institutions committed to ending coal finance in the early 2010s, it wasn’t until 2017, following years of campaign pressure by Oil Change and others, that the World Bank made a meaningful commitment to stop financing for upstream oil and gas. Following an intense campaign effort, in 2019 the European Investment Bank committed to ending nearly all oil, gas and coal finance. Recently, the UK announced it would end overseas oil and gas finance, and the EU and US, among others, have signalled that they intend to follow suit. Building off these successes, OCI is now working to secure further commitments from governments and public finance institutions on ending public finance for fossil fuels.
LATEST PROGRAM POSTS
Did Rick Perry help Energy Transfer Partners - one of the owners of the Dakota Access Pipeline - cheat Texas taxpayers out of $6 million, or was he just asleep at the switch? Either way, can we really trust him to be in charge of nuclear security as Energy Secretary?
FOR IMMEDIATE RELEASE
September 5, 2016
Alex Doukas, alex [at] priceofoil [dot] org
G20 leaders fail to act on fossil fuel subsidies, undermining Paris climate goals
In response to the statements on fossil fuel subsidies in the G20 Leaders’ Communique, which fail to establish a deadline for the phase out of subsidies, Oil Change International has released the following statement from Senior Campaigner Alex Doukas:
“On China’s watch, G20 leaders have again failed to set a deadline to end fossil fuel subsidies, despite first agreeing to do so in 2009. Time is running out. Every dollar wasted on fossil fuel subsidies pushes us closer to climate disaster and
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 and the letter of the global climate deal.
We're nearly out of time to end these subsidies. That's why we need your help to build people power and put pressure on G20 leaders to Stop Funding Fossils (click here to add your voice).
Each dollar our governments waste on fossil fuel subsidies
More than 200 civil society organizations have joined together to urge G20 governments to commit to end fossil fuel subsidies by 2020.
LATEST PROGRAM RESEARCH
Today, the U.S. Treasury Department released updated fossil fuel energy guidance for the multilateral development banks (MDBs). Oil Change International experts responded.
With the health and livelihoods of billions at risk from COVID-19, governments around the world are preparing historic levels of stimulus finance. Building a Just Recovery that avoids the worst of climate change means overhauling our public finance institutions fast.
This report reveals G20 countries have provided at least $77 billion a year in public finance to oil, gas and coal projects since the Paris Agreement through their international public finance institutions. This government-backed support to fossil fuels from export credit agencies, development finance institutions, and multilateral development banks is more than three times what they are providing to clean energy