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…
🇨🇦 🇯🇵 🇰🇷 🇨🇳 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 ongoing invasion of Rafah is a devastating new climax in the genocide against Palestinians. We continue to be in solidarity w/ millions in Palestine, & in the streets & campuses, led by Palestinians & Jews, calling for a #CEASEFIRE
Our statement 👇🧵 priceofoil.org/2024/05/09/oil…
As Israel’s genocidal campaign intensifies, so does global opposition to it: students around the world are speaking out despite facing violent backlash and repression. Over 2,100 students have been arrested in the United States alone. 2/ theguardian.com/us-news/articl…
Decades of overlapping divestment movements make clear how climate justice is connected to other justice movements. Oil fuels war and accelerates the climate crisis. Divestment is a path towards justice.@dharnanoor @guardian 3/ theguardian.com/us-news/2024/a…
🚨 NEW: Our latest analysis tracks the trail of death and destruction along the supply chains that bring fossil fuels to Israel. Read about who is supplying the oil fueling the ongoing genocide against the Palestinian people.⬇️ #CeasefireNOW #OilFuelsWar 🇵🇸 priceofoil.org/israel-fuel-pr…
Israel’s war machine is heavily reliant on imports from the US, Azerbaijan, Kazakhstan, Russia, and Gabon, plus Brazil, Saudi, the UAE & Egypt. Oil majors like @bp_plc @Chevron @exxonmobil @Shell are complicit as well. #StopTheGenocideInPalestine
30,000+ have been brutally killed in the war on Palestine. With massive protests across the globe and the ruling by the @CIJ_ICJ that some of Israel's actions may have violated the terms of the Genocide Convention, countries & companies sending fossil fuels to 🇮🇱 must stop now.
❌ Has approved the most expansion of oil and gas in the region.
❌ Threatens to be the world’s 12th largest developer of new oil and gas fields.
❌ Is fully unaligned in most categories.
The science is clear: we need a full, fast, fair, funded phaseout of fossil fuels. But oil companies and the governments that support them are delaying what is needed.
1/ We just released a new report titled “Biden’s Fossil Fuel Fail: How U.S. Oil + Gas Supply Rises under the Inflation Reduction Act, Exacerbating Environmental Injustice.”
2/ The IRA & Biden's policies fail to reduce oil + gas production or alleviate impact on environmental justice communities.
How do we know?
We examined previously unpublished data by @Rhodium_Group an independent research group that analyzes U.S. energy + emissions under IRA.
3/ The model predicts a decrease in demand for oil + gas in the U.S. — but U.S. oil production increases by 13% and gas production rises by 7%. That’s not how we #EndFossilFuels.
➡️ Indigenous resistance has stopped or delayed greenhouse gas pollution equivalent to at least one-quarter of annual U.S. and Canadian emissions.
➡️ Indigenous resistance to carbon over the past decade has stopped projects equivalent to 400 new coal-fired power plants, or roughly 345 million new passenger vehicles.