Ahead of the G20 meeting in New Delhi, India, Allie Rosenbluth, Oil Change International US Program Manager, said:Â “As decision makers gather at the G20 summit, the world is at a critical crossroads. World leaders are facing mounting pressure from UN Secretary-General AntĂłnio Guterres and people across the planet to phase out fossil fuels. Against … Read More
G20
G20 public money enabled 82% of LNG export infrastructure expansion, breaking climate promises
Government-backed LNG projects are exposing the public to stranded asset risks and causing emissions nearly twice the annual emissions of Canada.
Japan’s Dirty Secret: World’s top fossil fuel financier is fueling climate chaos and undermining energy security
This briefing, “Japan’s Dirty Secret: World’s top fossil fuel financier is fueling climate chaos and undermining energy security,” reveals that Japan is the world’s largest public financier of fossil fuel projects, providing 10.6 billion USD per year between 2019 and 2021. Japan has been leading the drive to expand gas consumption in Asia and is the world’s leading financier of gas infrastructure globally, spending USD 6.7 billion on gas projects on average each year between 2019 and 2021.
New Report: International public finance for fossil fuels dropped in 2021, but a rebound is likely unless key governments deliver on pledges
A report released today by Oil Change International and Friends of the Earth U.S. reveals that between 2019 and 2021 the G20 countries and multilateral development banks (MDBs) provided at least USD 55 billion per year in international public finance for fossil fuels. This is a 35% drop compared to previous years (2016-2018), but still almost twice the support provided for clean energy, which averaged only $29 billion per year.
At a Crossroads: Assessing G20 and MDB international energy finance ahead of stop funding fossils pledge deadline
This report looks at G20 country and MDB traceable international public finance for fossil fuels from 2019-2021 and finds they are still backing at least USD 55 billion per year in oil, gas, and coal projects. This is a 35% drop compared to previous years (2016-2018), but still, almost twice the support provided for clean energy, which averaged only $29 billion per year.
Past Last Call: G20 public finance institutions are still bankrolling fossil fuels
Our new report “Past Last Call: G20 public finance institutions are still bankrolling fossil fuels” looks at G20 country and MDB public finance for fossil fuels from 2018-2020 for the first time and finds they are still backing at least USD 63 billion per year in oil, gas, and coal projects.
G20 Backtracks on Fossil Fuel Funding Phase-Out in COVID-19 Recovery
Despite repeated pledges to end inefficient fossil fuel subsidies, G20 governments’ support to fossil fuels has dropped by only 9% since 2014–2016, hitting USD 584 billion annually over the last three years, according to a report released today by the International Institute for Sustainable Development (IISD), the Overseas Development Institute (ODI), and Oil Change International (OCI).
Doubling Back and Doubling Down: G20 Scorecard on Fossil Fuel Funding
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.Â
Why $77 billion a year in public finance for oil, gas, and coal is even worse than it sounds
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.
Report: G20 Governments Bankrolling the Fossil Fuel Industry with at least $77 Billion a Year
Since the implementation of the Paris Agreement, G20 countries have provided at least USD 77 billion a year in finance for oil, gas, and coal projects.