Doubling Back and Doubling Down: G20 scorecard on fossil fuel funding
G20 governments provided $584 billion annually (2017–2019 average) via direct budgetary transfers and tax expenditures, price support, public finance, and state-owned enterprise investment for the production and consumption of fossil fuels at home and abroad.
Governments provided more support to oil and gas production than any other stage of fossil fuel-related activity, at $277 billion (47% of the total support to fossil fuels).
Despite repeated pledges to end inefficient fossil fuel subsidies, G20 governments' support to fossil fuels has dropped by only 9% since 2014–2016: Progress made between 2014 and 2019 was insufficient and more needs to be done.
Despite various commitments since 2009 to end government support for fossil fuels and make “finance flows consistent with a pathway toward low greenhouse gas emissions and climate-resilient development” (Paris Agreement, Article 2.1c), G20 governments continued to provide significant support to fossil fuels in 2017–2019. G20 governments provided $584 billion annually (2017–2019 average) via direct budgetary transfers and tax expenditures, price support, public finance, and state-owned enterprise investment for the production and consumption of fossil fuels at home and abroad.
You might also be interested in
Climate Finance for South Africa May Kick-start a New Fossil Industry — Gas
At COP 26, a group of developed countries announced plans to provide climate finance to help South Africa move away from coal — but a crucial question is how to ensure these funds do not help another fossil fuel industry take off.
Glasgow summit pledge to phase out fossil fuel subsidies faces an uphill battle
Subsidies that make coal, oil and gas cheaper are widely recognized as a roadblock to a transition toward cleaner energy. But they’ve proven hard to get rid of.
Glasgow didn’t deliver on 1.5 C, but not all is lost
The agreement to come out of COP26 is leaving many disappointed for not securing a climate-safe future, but some progress was made that advocates say shouldn’t be ignored.
Condamnés à faire beaucoup mieux (in French)
« Nous sommes le deuxième pays émetteur de gaz à effet de serre au monde. Les États-Unis sont obligés d’être des leaders » pour renverser la situation, a affirmé lundi l’ancien président américain Barack Obama lors d’un discours à la conférence des Nations unies sur les changements climatiques (COP26). Tout le Canada devrait prêter l’oreille : nous sommes condamnés à la même chose.