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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More from @PriceofOil

Apr 20
🧵 Thread time:

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.
Read 16 tweets
Aug 25, 2021
THREAD: News just broke from @Reuters of a potentially critical new initiative to be launched next month: the Beyond Oil and Gas Alliance (#BOGA). Read the article here: reuters.com/business/susta…
@Reuters #BOGA will be the 1st diplomatic initiative acknowledging the need for governments to manage the decline of oil and gas production as a key tool to address the #climate crisis. It’s a big deal and something we’ve been calling for for a long time.
@Reuters #BOGA has the potential to help reframe the global climate conversation to ensure phasing out production is seen as a key tenet of climate leadership. Why is this important?
Read 19 tweets
Aug 10, 2021
The latest #IPCC report is a dire reminder that climate change is here & getting worse.

This report makes things abundantly clear: the only way to preserve a livable climate for current & future generations is through dismantling the fossil fuel industry.

A thread 👇 1/9
First, (re)stating the obvious: Fossil fuels are the problem.
The @IPCC makes it clear that the main drivers of the climate crisis are the rising emissions of CO2 and methane. The combustion of fossil fuels has been responsible for 86% of CO2 emissions over the past decade. 2/9
@IPCC We can't repeat enough: fossil fuel companies and the wealthiest countries are overwhelmingly responsible for the climate crisis. 3/9
Read 9 tweets
Apr 20, 2020
It turns out today's been a pretty wild ride for our Twitter handle! 🥳

More seriously & since you're here, we've got *ADVICE*.

Faced w/ #COVID19, governments have a choice: Build resilient societies to prioritize health & safety of #PeopleNotPolluters OR bail out fossil fuels.
The bottom line: Today, several years of #fracking companies going bankrupt, several decades of coal's decline — these are what an UNMANAGED decline of the fossil fuel industry looks like.

It hurts workers & communities badly, while fossil fuel executives get golden parachutes.
Today's wild ride of oil futures prices is a big deal, but the industry isn't disappearing tomorrow.

Instead, the current madness is driven by a 1-2-3 punch of:

- Demand destruction from #COVID19
- Global price wars
- Structural decline from renewables & decarbonization
Read 15 tweets

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