The Glasgow Statement on public finance requires signatories to end new direct overseas support for fossil fuels by the end of 2022 and fully prioritize finance for a clean and just energy transition. But only a handful of signatories have begun to turn these pledges into action.
10,000+ transactions since 2013 show G20 governments and multilateral development banks continue to finance more oil, gas, and coal than clean energy.
This briefing explains why financial flows to fossil fuels matter and how to use the data provided by the Public Finance for Energy Database to help secure a just energy transition.
One day before world leaders meet to discuss the energy transition at the United Nations High Level Dialogue on Energy, more than 200 civil society organizations (CSOs) from over 40 countries have released a statement calling on world leaders to end international public finance for coal, oil and gas.
“Big Oil’s continued existence is the single biggest threat to our climate, and it’s long past time to end giveaways of public money to fossil fuel companies once and for all,” said Rees.
With only six months left till COP26, the UK host has work to do. Ending public finance for fossil fuel projects overseas shows potential, but the UK’s lack of action on fossil fuels domestically risks undermining its credibility.
“Today’s move by President Biden to freeze leasing for oil and gas production on federal lands and waters is a critical first step to ending this program once and for all.”
Native tribes and communities are counting on the President to use the same rationale he’s using to kill Keystone XL to stop all projects like it — including the Line 3 pipeline in Minnesota — and roll back the approval of the Dakota Access pipeline.
As Export Development Canada (EDC) undergoes a climate change policy review, 53 civil society organizations sent a letter with a call to action to the federal crown corporation and Minister of Trade Mary Ng.
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.