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Summary:
- G20 countries provided three times more public finance to fossil fuels than clean energy between 2020 and 2022.
- Significant amounts of money were channeled towards fossil fuel projects rather than transitioning to cleaner energy sources, in violation of COP28 commitments.
- Despite some positive trends towards investing in clean energy, countries like Canada, Japan, and Korea still heavily support fossil fuels with public finance.
- The majority of fossil fuel funding went towards gas projects, with coal funding dwindling due to increasing coal exclusion policies.
Quotes:
- The OCI and Friends’ of the Earth’s analysis shows that G20 countries provided a yearly average of $44bn to fossil fuels via Export Credit Agencies (ECAs) and Development Finance Institutions (DFIs), compared with just $14bn on clean energy.
- Canada was the single-biggest provider of fossil fuel finance in this period, having spent $11bn (C$14.91bn) in public finance on oil and gas compared with just over a billion on clean energy.
Read the full post at Energy Monitor.
