Doubling Back and Doubling Down: G20 scorecard on fossil fuel funding
This G20 scorecard report aims to track each of the G20 countries' progress in ending government support to fossil fuels. It has been prepared in order to increase transparency and accountability, as well as to highlight areas where more progress is needed so that G20 countries can meet their phase-out commitments and help accelerate the energy transition needed to meet our climate targets. It does so by reviewing progress in ending G20 funding to fossil fuel production and consumption between 2014 and 2019 and is complemented by an analysis of public money commitments for fossil fuel-intensive sectors in response to the COVID-19 crisis up to August 12, 2020.
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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.
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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).
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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.
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