• About
    • Which Energy Mix is this?
  • Climate News Network Archive
  • Contact
Celebrating our 1,000th edition. The climate news you need
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
  FEATURED
BREAKING: U.S. Senate Passes Historic $369B Climate Package August 7, 2022
Researchers Point To ‘Dangerously Unexplored’ Risk of Global Climate Catastrophe August 2, 2022
Koch Network Pressures Manchin, Sinema as Advocates Praise ‘Game Changing’ Climate Deal August 2, 2022
Coastal GasLink Cost Skyrockets 70% to $11.2B August 2, 2022
Ottawa Releases Regulatory ‘Frame’ for Net-Zero Grid by 2035 August 2, 2022
Next
Prev

Global Development Banks’ Recovery Plans Must Omit Fossil Funding, Advocates Say

July 7, 2020
Reading time: 2 minutes

catmoz/pixabay

catmoz/pixabay

7
SHARES
 

When 450 global development banks with their hands on US$2 trillion in public funds meet in November to chart their contribution to the pandemic recovery, they must declare an end to international financing for fossil fuels, three leading finance and development advocates argue in a post this week for the Thomson Reuters Foundation. 

The two countries that spearheaded the Powering Past Coal Alliance, Canada and the United Kingdom, figure prominently in the analysis—and not in the way they would presumably want to.

“Overall, public finance institutions still present an obstacle to the energy transition,” write Sandrine Dixson-Dècleve, co-president of the Club of Rome, Chadian Indigenous leader Hindou Oumarou Ibrahim, and Green Member of the European Parliament Bas Eickhout. “The G20 governments provide over $77 billion in public finance for fossil fuel projects each year through institutions like public development banks. Despite the mounting urgency of the climate crisis, this number has remained virtually unchanged since the Paris Agreement was adopted and is three times the amount they provide for renewable energy.”

While “some argue that this government-backed fossil fuel finance is necessary to spur development and access to electricity,” the three authors state, “the data gives the lie to this argument. The largest recipients of support for fossil fuels are not the poorest countries, and where fossil fuel finance does flow to lower-income countries, it typically benefits multinational corporations and wealthy ‘donor’ countries over local populations, often while causing human and Indigenous peoples’ rights violations and displacements, while degrading health and the environment.”

The international response so far to the COVID-19 pandemic is cause for concern, they add. “Canada, the second-largest financier of fossil fuels in the G20 (per capita, it’s the highest), has given government-backed Export Development Canada a major role in the COVID-19 response, through two major financing programs that specifically prioritize the fossil fuel industry, without clarity on a financial ceiling for these programs,” they note. “And while the UK government is allegedly working on a policy to exclude oil and gas from export credit agency financing, the Prime Minister’s office last week agreed to put UKEF money into an LNG terminal in Mozambique, spearheaded by France’s Total. This clearly undermines the UK’s efforts to position itself as a climate leader in the lead-up to COP 26.”

Even if the world “did not face a climate crisis, throwing public money at fossil fuels would be a bad economic bet,” write Dixson-Dècleve, Ibrahim, and Eickhout. But “the way out of our current crisis is not through propping up the old economy,” and “public banks, controlling $2 trillion in public money and driving private investment, have a crucial role to play in leading this transformation.”

Get further details on this story here.



in Canada, Coal, Community Climate Finance, COP Conferences, Ending Emissions, Energy Access & Equity, Energy Subsidies, Environmental Justice, First Peoples, International Agencies & Studies, Oil & Gas, UK & Europe

The latest climate news and analysis, direct to your inbox

Subscribe

Related Posts

Bernard Spragg/flickr
Energy Politics

$12.3B in Profit over 3 Months as Big Fossils Reject Federal Emissions Cap

August 11, 2022
2
Σ64/Wikimedia Commons
Hydrogen

Global Push for Hydrogen Sidesteps Knowledge Gaps on Climate Impacts

August 11, 2022
3
Protect The Planet
Pipelines / Rail Transport

Trans Mountain Work Site Blocks Early Salmon Run on Coquihalla River, Local Observers Say

August 11, 2022
1

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

Joseph Brent/Flickr

Green Hydrogen Will Cost Less than Fossil-Fuelled ‘Blue’, Shell CEO Admits

August 7, 2022
690
Early stages of construction on the Flamanville 3 nuclear reactor in France

Failing French Nuclear Plants Drive Up Electricity Costs as Heat Waves Cut Production

August 8, 2022
393
François GOGLINS/wikimedia commons

Corrosion Problem Shutters Half of France’s Nuclear Reactors

August 2, 2022
1.3k
Brian Jeffery Beggerly/Wikimedia Commons

China’s Latest Renewables Plan Could Bridge Global 1.5°C Gap, Expert Says

August 9, 2022
203
openthegovernment.org

BREAKING: U.S. Senate Passes Historic $369B Climate Package

August 8, 2022
372
/MaxPixels

‘Substantial Damage’, No Injuries as Freight Train Hits Wind Turbine Blade

May 25, 2022
5.7k

Recent Posts

Bernard Spragg/flickr

$12.3B in Profit over 3 Months as Big Fossils Reject Federal Emissions Cap

August 11, 2022
2
Σ64/Wikimedia Commons

Global Push for Hydrogen Sidesteps Knowledge Gaps on Climate Impacts

August 11, 2022
3
Protect The Planet

Trans Mountain Work Site Blocks Early Salmon Run on Coquihalla River, Local Observers Say

August 11, 2022
1

Focus Blame for Climate Change on Fossils and Governments, Ecoanalytics Advises

August 11, 2022
3
TheKurgan/Wikipedia

Ontario Pension Giant May Be Getting the Memo on Fossil Divestment, Members Say

August 11, 2022
1
@stan_sdcollins/Twitter

Stranded Communities Hope for Emergency Food Supplies as Newfoundland Wildfires Rage

August 11, 2022
3
Next Post
Minale Tattersfield/flickr

Exxon Reports Second Straight Quarterly Loss, Plans U.S. Job Cuts

The Energy Mix

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

Navigate Site

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

Follow Us

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}