NEW REPORT: We looked under the hood of G20 countries' international public finance for energy ahead of their Very Big Deadline to #StopFundingFossils.
🧵Here's more on the $55 billion / yr in fossil fuel money we found & how we can stop it 🧵
priceofoil.org/g20-at-a-cross…
GOOD NEWS: Public 💵 for fossils just dropped for the first time, and ~1/3 of this is from action from UK, @EIB, & others.
BAD NEWS: The rest of the drop is (a) just noise, (b) already overturned in early 2022 data, or (c) from worse data availability!
priceofoil.org/g20-at-a-cross…
But there is a growing 🌊 of countries adding more fossil free public finance policies that could mean this trend continues. For this to happen, @OlafScholz, @JustinTrudeau, @POTUS, @ItalyMFA_int need to show up at #COP27 with policies too! priceofoil.org/g20-at-a-cross…
📈 Some other key points 📈
🇨🇦 🇯🇵 🇰🇷 🇨🇳 are the largest providers of public finance for fossil fuels, providing more than half of all #G20 public finance for fossil fuels (more than $30 billion a year!) priceofoil.org/g20-at-a-cross…
It's a myth that fossil fuel $ is good for development.
1) Little of it flows to the lowest income countries
2) It rarely supports energy access. In the top low-income recipient, Mozambique, 99.7% flowed to projects for export + extraction, not local use. #MozLNG
Fossil gas still receives more 💰 than any other energy source 🚩, despite @IEA and @IPCC_CH findings that clean energy investment is the way to an energy secure future. priceofoil.org/g20-at-a-cross…
Public banks have huge leverage and could be the institutions building a globally just #GreenNewDeal. But they can’t play this role until this chart gets A LOT greener. See how different countries and MDBs stack up here: energyfinance.org/#/tracker
The #StopFundingFossils pledge could unlock much needed multilateral climate momentum! But, wealthy countries at #COP27 need to:
📣 Get peers to #StopFundingFossils
💸 Pay fair share of #ClimateDebtJustice & #ClimateFinance
🌞 Fund RE & a just transition
🛢️#KeepitintheGround (!!)
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