• 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
BP Predicts Faster Oil and Gas Decline as Clean Energy Spending Hits $1.1T in 2022 January 31, 2023
Canada Needs Oil and Gas Emissions Cap to Hit 2030 Goal: NZAB January 31, 2023
Ecuador’s Amazon Drilling Plan Shows Need for Fossil Non-Proliferation Treaty January 31, 2023
Rainforest Carbon Credits from World’s Biggest Provider are ‘Largely Worthless’, Investigation Finds January 31, 2023
Danske Bank Quits New Fossil Fuel Financing January 23, 2023
Next
Prev

Canada Leads World with $11B in Public Financing for Fossil Fuel Development

April 22, 2022
Reading time: 2 minutes
Primary Author: The Energy Mix staff

skeeze / Pixabay

skeeze / Pixabay

9
SHARES
 

Export Development Canada shows up as the world’s biggest provider of trade and development finance for fossil fuels, averaging US$11 billion per year between 2018 and 2020, and Russia emerges as the second-biggest recipient of international public finance for fossil projects, in the latest update of the Public Finance for Energy Database released this week by Oil Change International.

“G20 governments provide more than US$100 billion each year in international finance for energy projects through their trade and development institutions,” the database states. “This money has an outsized influence on what kinds of energy projects get built. Unfortunately, for every dollar going to the clean energy we need to build a just and liveable future, 2.5x more is still flowing to fossil fuels,” with oil, gas, and coal projects averaging $63 billion per year in international public financing over the three-year range of the data—compared to about $26.7 billion for clean energy.

  • Concise headlines. Original content. Timely news and views from a select group of opinion leaders. Special extras.
  • Everything you need, nothing you don’t.
  • The Weekender: The climate news you need.
New!
Subscribe

That financing amounts to about 10% of global energy financing, but “reaches beyond its own scale because public finance also has an outsized effect on the decisions private financiers make,” writes OCI Public Finance Campaign Co-Manager Bronwen Tucker.

In the database, Canada’s $11 billion per year in international fossil finance narrowly edges out Japan, at $10.9 billion, followed by South Korea at $10.6 billion, China at $7.3 billion, and the United States at $3.1 billion. Just over half of the financing now flows to fossil gas projects, Tucker adds, and “most international public finance flows between wealthy countries, not to lower-income countries in support of development.”

The financial flows to Russia, from both G20 countries and multilateral development banks, continued between 2018 and 2020 “despite a clear trend of increased military aggression under Putin,” Tucker adds. But now, “there is an important opportunity to end public finance for Russian oil and gas and to fast-track rapid decarbonization projects in the regions most vulnerable to price spikes.”

Tucker points to wider momentum to divert public fossil funding to support a just energy transition: during last year’s COP 26 climate summit in Glasgow, 39 countries and institutions including Canada pledged to shift their public financing out of the fossil sector by the end of this year.



in Asia, Canada, COP Conferences, Energy Subsidies, Finance & Investment, India, International Agencies & Studies, UK & Europe

The latest climate news and analysis, direct to your inbox

Subscribe

Related Posts

Mike Mozart/Flickr
Ending Emissions

BP Predicts Faster Oil and Gas Decline as Clean Energy Spending Hits $1.1T in 2022

January 31, 2023
322
Gina Dittmer/PublicDomainPictures
Canada

Canada Needs Oil and Gas Emissions Cap to Hit 2030 Goal: NZAB

January 31, 2023
196
CONFENIAE
Ending Emissions

Ecuador’s Amazon Drilling Plan Shows Need for Fossil Non-Proliferation Treaty

January 31, 2023
61

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

Mike Mozart/Flickr

BP Predicts Faster Oil and Gas Decline as Clean Energy Spending Hits $1.1T in 2022

January 31, 2023
322
Gina Dittmer/PublicDomainPictures

Canada Needs Oil and Gas Emissions Cap to Hit 2030 Goal: NZAB

January 31, 2023
196
Ken Teegardin www.SeniorLiving.Org/flickr

Virtual Power Plants Hit an ‘Inflection Point’

January 31, 2023
124
Doc Searls/Twitter

Guilbeault Could Intervene on Ontario Greenbelt Development

January 31, 2023
132
RL0919/wikimedia commons

Danske Bank Quits New Fossil Fuel Financing

January 23, 2023
2.4k
/snappy goat

Rainforest Carbon Credits from World’s Biggest Provider are ‘Largely Worthless’, Investigation Finds

January 31, 2023
94

Recent Posts

CONFENIAE

Ecuador’s Amazon Drilling Plan Shows Need for Fossil Non-Proliferation Treaty

January 31, 2023
61
Victorgrigas/wikimedia commons

World Bank Climate Reforms Too ‘Timid and Slow,’ Critics Warn

January 31, 2023
42
United Nations

Salvage of $20B ‘Floating Time Bomb’ Delayed by Rising Cost of Oil Tankers

January 27, 2023
121
@tongbingxue/Twitter

Extreme Warming Ahead Even as Worst-Case Scenarios Grow ‘Obsolete’

January 23, 2023
341
Rachel Notley/Facebook

Notley Scorches Federal Just Transition Bill as Fossil CEO Calls for Oilsands Boom

January 23, 2023
313
EcoAnalytics

Albertans Want a Just Transition, Despite Premier’s Grumbling

January 23, 2023
323
Next Post
https://en.wikipedia.org/wiki/Air_pollution

G20 Falling Behind, Canada Dead Last in Widening Gap Between Climate Pledges, Climate Action

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}