Thread by @PriceofOil

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Today we launched energyfinance.org ⚡ tracking G20 international public finance flows to fossil fuels vs. clean energy - over 14,000 transactions over a decade.

[1/16] So now let's get into why these public finance flows matter. bit.ly/3OrHf68

[2/16] Public finance shapes our future energy systems. All public finance institutions’ investments together total $2.2 trillion a year with a double-down impact of influencing decisions of private financiers - tipping the ⚖️ on which projects get built, and which don't.

[3/16] The science says we need to #StopFundingFossils NOW & a just transition to clean energy to avoid the worst impacts of climate change. But energyfinance.org shows G20 public finance remains skewed towards fossil fuels 🔥 while support for clean energy has stagnated.

[4/16] G20 public finance institutions put 2.5X more 💵 into fossil fuels vs clean energy from 2018-2020. That’s $63billion/ year going into coal, oil & gas projects - fossil fuel support risking our ability to secure a livable future according to @IPCC_CH bit.ly/3uY3Z63

[5/16] Some other key points 📈

1. 🇨🇦 🇯🇵 🇰🇷 🇨🇳 are the largest providers of public finance for fossil fuels
2. Fossil gas receives more 💰 than any other energy source 🚩
3. G20 international public finance for fossil fuels nearly outweighs all countries’ climate finance 💸

[6/16]
4. Most international public finance flows from wealthy countries ➡️ other wealthy countries
5. Fossil fuel finance locks out just development & adds to debt burdens in the Global South.
6. Putin’s war is subsidized through int’l public finance for fossil fuels.

[7/16] The GOOD news: public finance can build a just transition instead. The #IPCC says energy efficiency & renewables can rapidly replace fossil fuels this decade, provide cheaper sources of electricity in most regions, AND bring development benefits.

energyfinance.org

[8/16] Investing in a just transition that leaves no one behind means: clean & efficient energy systems, sustainable agriculture, cities that work for people, climate adaptation, a strong public care economy and many sustainable jobs 🫂.

energyfinance.org

[9/16] The first step: Public finance institutions must stop 👏 funding 👏 fossil 👏 fuels 👏

And this year, the balance CAN tip in favor of clean energy. That is, if governments follow through on their commitments.

energyfinance.org

[10/16] At @COP26 39 countries + institutions committed to #StopFundingFossils & prioritize public finance for clean energy. Now these Glasgow Statement signatories need to turn commitments into reality - and others need to join them! *hint* Japan @G7 👀 energyfinance.org

[11/16] This is also the only effective response to compounding debt, climate, & fossils price crises. We need to use public finance strategically & equitably for energy efficiency & renewable energy to phase out volatile & conflict-fueling fossil fuels. bit.ly/3OrHf68

[12/16] Ending public finance for fossil fuels will free up billions every year to support a just energy transition - but it won’t be enough. Wealthy G20 governments must also provide their fair share of debt cancellation, climate finance, and reparations for loss and damage.

[13/16] Wealthy countries' historic responsibility for climate, colonialism & extraction means their 'fair share' is AT LEAST:

💸$2 trillion/ year ➡️ mitigation & adaptation
💸$300 billion/ year ➡️ loss & damage
💸$100 billion/ year ➡️ debt cancellation

bit.ly/3OrHf68

[14/16] If held accountable to their public-interest mandates, public banks are uniquely positioned to catalyze a just transition. The first step is for these institutions to keep their promises to #StopFundingFossils 🔥 So, let's hold them accountable. energyfinance.org

[15/16] Are you a researcher or journalist and do you want to know more about the Public Finance for Energy Database (energyfinance.org)? This Friday at 3PM UK time we're organizing a media briefing. Send us a DM if you want to receive an invitation!

[16/16] We invite YOU to use the Public Finance for Energy Database to ensure governments make public finance work for a livable future 🌍 Download our briefing and start exploring the data 👉 bit.ly/3OrHf68