Today, Oil Change International and Friends of the Earth U.S. released a new report with 31 partner organisations from around the world, showing that *G20 countries have provided at least USD 77 billion per year in public finance to gas, oil, and coal projects* since the Paris Agreement.
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⚡⚡Just Released: Our new report w/ @FoE_US reveals G20 countries provided at least $77 billion a year in public finance to oil, gas, and coal projects since the Paris Climate Agreement.
— Oil Change International (@PriceofOil) May 26, 2020
⚡⚡ Just Released: Our new report with @PriceOfOil reveals that G20 countries provided at least $77 BILLION a year in public finance to oil, gas & coal projects since the Paris Climate Agreement.#StopFundingFossilshttps://t.co/h26nkTjkCF pic.twitter.com/3oGKesP2hw
— Friends of the Earth (@foe_us) May 27, 2020
Some key findings:
– This government-backed fossil fuel support from export credit agencies, development finance institutions, and multilateral development banks from 2016 to 2018 was *more than three times their clean energy support.*
– *China, Japan, Canada, and South Korea were the largest providers of public finance to oil, gas, and coal,* making up over two-thirds of fossil fuel support from 2016-2018.
G20 public finance is more critical than ever as governments prepare historic levels of public finance in response to COVID-19 — and *it’s our job to make sure the money stops flowing to fossil fuels and builds a just recovery instead.*