We need to act now to reduce emissions to reduce killer heat and killer floods. And yet only 10 per cent of the $17 trillion spent by governments on post-COVID bailouts has been directed to cutting greenhouse gas emissions and restoring nature.
As Big Oil loses billions, the global ratings agency, S&P has announced it was placing ExxonMobil, Chevron, Shell and Total on a so-called “credit watch”.
A new report, published today by UNEP and other environmental groups, outlines the “Production Gap”, the discrepancy between countries’ planned fossil fuel production and global production levels consistent with limiting warming to 1.5°C or 2°C.
In this new report we consider recovery commitments and pre-pandemic policies to rank G20 countries’ progress in phasing out support to fossil fuels. We find at least USD 584 billion per year between 2017 and 2019 in public support for fossil fuels from G20 governments.
Decisions taken in response to the COVID-19 crisis today will lock in the world’s development patterns for decades. With policy decisions made on a daily basis, information about how public money is being spent can be hard to follow. That is why a consortium of 14 expert organizations came together to track energy-specific responses by G20 governments.
Data made public today on the Energy Policy Tracker, a new website tracking climate- and energy-related recovery policies, shows a total commitment of at least USD 151 billion from G20 governments in support of fossil fuels.
Amidst a climate crisis and global pandemic, it’s essential that countries develop public finance packages that phase out fossil fuel production and invest in a just, green transition toward renewable energy that benefits communities and industry workers. While the Netherlands has committed to redirect financial flows from fossil fuels to climate action, this report reveals that the Dutch Government continues to provide billions — at least €8.3 billion per year — in taxpayer backed support for the production and use of fossil fuels.
Amidst a climate crisis and global pandemic, a new analysis from Friends of the Earth Netherlands and Oil Change International reveals that the Dutch government continues to provide billions — at least €8.3 billion per year — in taxpayer backed support for the production and use of fossil fuels. By ending fossil fuel subsidies, the Netherlands could free up resources to invest in a just and green recovery from COVID-19, whilst reducing greenhouse gas emissions by 7.7% by 2025.
Oil Change International is producing weekly news and resources updates for allies as part of our response to the COVID-19 crisis. These supplement the monthly OilWire editions that we produce with the Global Gas and Oil Network. Subscribe here to get the monthly OilWire bulletin. OilWire update: 12 June 2020 BLACK LIVES MATTER The uprisings against police violence … Read More
As governments begin to unveil trillions of dollars in recovery support and stimulus, now is the time to break old habits – such as the USD 77 Billion in public money that the G20 is still spending annually to finance oil, gas, and coal projects.