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.
Additional downloads
You might also be interested in
Sustainable Development in the Year of COVID-19
The global pandemic has brought challenges the likes of which this generation has never seen. But there have also been bright spots worth celebrating.
Tories pursue corporate tax credits for carbon capture, well cleanup
Two Conservative MPs are sponsoring bills that would put in place new tax credits for corporations closing oil or gas wells or capturing carbon pollution.
Unpacking Canada’s Fossil Fuel Subsidies
Fossil fuel subsidies hold us back and incentivize pollution. How much do Canada's governments subsidize fossils and why does it matter?
Canadian banks financing fossil fuel industry at larger rate than other nations: studies
International analyses suggest Canadian financiers are oiling the wheels of the fossil fuel industry at a far greater rate than their peers.