PUBLIC FINANCE
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
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.
FOR IMMEDIATE RELEASE
May 27, 2016
Contact:
Alex Doukas, alex [at] priceofoil [dot] org
G7 leaders call for end to fossil fuel subsidies worldwide by 2025
In response to the G7 Leaders' Declaration released today, where world leaders for the first time established a deadline on their commitment to phase out fossil fuel subsidies, Alex Doukas, Senior Campaigner at Oil Change International, released the following statement:
"Today, G7 governments took an important step away from the fossil fuel industry and towards real climate action, by calling for an end to oil, gas, and coal subsidies no later than 2025. While these subsidies should end by 2020 if we want a
With the climate crisis advancing at an ever-quickening pace, an immediate step toward the solution should be to stop funding fossils. This bill helps to do just that.
LATEST PROGRAM RESEARCH
Despite the urgent need to phase out fossil fuels, Japan is driving the expansion of liquified gas (LNG) and other fossil-based technologies like ammonia co-firing, worsening the climate crisis and harming communities and ecosystems.
*Updated February 2024* Oil Change International analysis shows that several major countries continue to pump $6.2 billion in public finance into international fossil fuel projects despite committing to end this support by the end of 2022.
New research shows that Organisation for Economic Co-operation and Development (OECD) countries supported fossil fuel exports by an average of USD 41 billion from 2018-2020, almost five times more than clean energy exports ($8.5 billion).