• About
    • Which Energy Mix is this?
  • Climate News Network Archive
  • Contact
The climate news that makes a difference.
No Result
View All Result
The Energy Mix
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities
SUBSCRIBE
DONATE
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities
SUBSCRIBE
DONATE
No Result
View All Result
The Energy Mix
No Result
View All Result
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities
  FEATURED
Biden Approves $8B Oil Extraction Plan in Ecologically Sensitive Alaska March 14, 2023
U.S. Solar Developers Scramble after Silicon Valley Bank Collapse March 14, 2023
$30.9B Price Tag Makes Trans Mountain Pipeline a ‘Catastrophic Boondoggle’ March 14, 2023
UN Buys Tanker, But Funding Gap Could Scuttle Plan to Salvage Oil from ‘Floating Time Bomb’ March 9, 2023
Biden Cuts Fossil Subsidies, But Oil and Gas Still Lines Up for Billions March 9, 2023
Next
Prev

G20 Lavish $71.8B Per Year on Fossil Projects, Four Times Their Renewables Investment

July 7, 2017
Reading time: 2 minutes

Downtowngal/Wikimedia Commons

Downtowngal/Wikimedia Commons

 

G20 public finance institutions and multilateral development banks poured US$71.8 billion per year into fossil projects between 2013 and 2015, four times the amount they devoted to renewable energy, according to a report released Wednesday by Oil Change International, Friends of the Earth U.S., the U.S. Sierra Club, and the WWF European Policy Office.

“The G20 still hasn’t put its money where its mouth is when it comes to the clean energy transition,” said Oil Change Senior Campaigner Alex Doukas. “If other G20 governments are serious about standing up to Trump’s climate denial and meeting their commitments under the Paris agreement, they need to stop propping up the outdated fossil fuel industry with public money.”

  • Be among the first to read The Energy Mix Weekender
  • A brand new weekly digest containing exclusive and essential climate stories from around the world.
  • The Weekender:The climate news you need.
Subscribe

Over the three years covered by the study, China invested $13.5 billion in fossil fuels, against only $85 million in renewables, The Guardian notes. Germany spent $3.5 billion on fossil energy, $2.4 billion on renewables. Britain’s numbers were $972 million versus $172 million.

“It’s unconscionable that any nation would continue to waste public funds on fossil fuels when clean energy sources are readily available, more cost-effective, and healthier for families and communities across the globe,” said Sierra Club campaigner Nicole Ghio.

The total figure for public finance included $13.5 billion to explore for new oil, gas, and coal reserves, Bloomberg adds—even though, as Oil Change notes in a release, 85% of known fossil reserves must stay in the ground to meet the emission reduction goals in the Paris agreement.

“G20 leaders may like to talk about climate, but it’s clear their talk is cheap,” said Friends of the Earth international policy analyst Kate DeAngelis. “While praising each other for investing in renewable energy at home, they bankroll billions of dollars for dirty fossil fuel projects in developing countries. G20 leaders’ handouts to fossil fuel companies destroys the health of people and the planet. G20 countries must commit to transitioning from brown to green, once and for all.”

The report concludes that public finance for fossil development “has a three-pronged effect on efforts to address climate change,” the Oil Change release notes. “First, it acts as a ‘negative carbon price’ that helps to subsidize and incentivize more fossil fuel production. Second, it helps drive high-carbon lock-in, making the transition to clean energy more difficult and costly. Third, this public finance makes uneconomical dirty energy economical, thereby enabling ‘zombie energy’ projects that would never even begin operating without such support.”

The Guardian notes that the International Monetary Fund has calculated global fossil fuel subsidies at more than $10 million per minute. Yet the G20 has still not set a deadline for phasing out subsidies, and the prospects of a decision at this week’s summit in Hamburg are slim to nil.



in Community Climate Finance, COP Conferences, Energy Subsidies, International Agencies & Studies

The latest climate news and analysis, direct to your inbox

Subscribe

Related Posts

David Dodge, Green Energy Futures/flickr
Community Climate Finance

U.S. Solar Developers Scramble after Silicon Valley Bank Collapse

March 14, 2023
109
U.S. National Transportation Safety Board/flickr
Pipelines / Rail Transport

$30.9B Price Tag Makes Trans Mountain Pipeline a ‘Catastrophic Boondoggle’

March 14, 2023
161
Behrat/Wikimedia Commons
Clean Electricity Grid

Hawaii Firm Turns Home Water Heaters into Grid Batteries

March 14, 2023
345

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

Trending Stories

Behrat/Wikimedia Commons

Hawaii Firm Turns Home Water Heaters into Grid Batteries

March 14, 2023
345
U.S. National Transportation Safety Board/flickr

$30.9B Price Tag Makes Trans Mountain Pipeline a ‘Catastrophic Boondoggle’

March 14, 2023
161
David Dodge, Green Energy Futures/flickr

U.S. Solar Developers Scramble after Silicon Valley Bank Collapse

March 14, 2023
109
EcoAnalytics

Canadians Want Strong Emissions Cap Regulations, Not More Missed Targets

March 14, 2023
83
U.S. Bureau of Land Management/flickr

Biden Approves $8B Oil Extraction Plan in Ecologically Sensitive Alaska

March 14, 2023
77
Rebecca Bollwitt/flickr

Fossils Stay ‘Oily’, Gibsons Sues Big Oil, U.S. Clean Energy Booms, EU Pushes Fossil Phaseout, and Fukushima Disaster was ‘No Accident’

March 14, 2023
82

Recent Posts

Raysonho/wikimedia commons

Purolator Pledges $1B to Electrify Last-Mile Delivery

March 14, 2023
55
United Nations

UN Buys Tanker, But Funding Gap Could Scuttle Plan to Salvage Oil from ‘Floating Time Bomb’

March 10, 2023
89
Gage Skidmore/Wikimedia Commons

Biden Cuts Fossil Subsidies, But Oil and Gas Still Lines Up for Billions

March 10, 2023
176
jasonwoodhead23/flickr

First Nation Scorches Imperial Oil, Alberta Regulator Over Toxic Leak

March 8, 2023
366
MarcusObal/wikimedia commons

No Climate Risk Targets for Banks, New Guides for Green Finance as 2 Federal Agencies Issue New Rules

March 8, 2023
234
FMSC/Flickr

Millions Face Food Insecurity as Horn of Africa Braces for Worst Drought Ever

March 8, 2023
244
Next Post
Nufkin/Wikimedia Commons

THE END OF COMBUSTION: All New Volvos to Be Electric or Hybrid from 2019

The Energy Mix - The climate news you need

Copyright 2023 © Energy Mix Productions Inc. All rights reserved.

  • About
  • Contact
  • Privacy Policy and Copyright
  • Cookie Policy

Proudly partnering with…

scf_withtagline
No Result
View All Result
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities

Copyright 2022 © Smarter Shift Inc. and Energy Mix Productions Inc. All rights reserved.

Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behaviour or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage vendors Read more about these purposes
View preferences
{title} {title} {title}