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Article

5 Jul 2017

Author:
David Turnbull, Oil Change International

New report provides analysis of public financing for energy projects; finds G20 nations provide billions to fossil fuels

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Each year, G20 countries provide nearly four times more public finance to fossil fuels than to clean energy, according to a new report released today by Oil Change International, Friends of the Earth U.S., the Sierra Club and WWF European Policy Office... The report, for the first time ever, details public support for energy projects from G20 public finance institutions (such as overseas development aid agencies and export credit agencies) and multilateral development banks. It finds that just 15 percent of this energy finance supports clean energy, while tens of billions of dollars are funneled to oil, gas, and coal producers annually... These findings directly contradict the goals espoused in the Paris climate agreement — touted by these same governments — which specifically calls on countries to align financial flows with low-emission development.

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