For decades, wealthy countries and private companies have been using international aid, export credit support, and other foreign assistance – grants, loans, equity, and loan guarantees – to subsidize the expansion of the global fossil fuel industry.
For more than a decade, Oil Change International has been tracking these public financial flows to fossil fuels. Our Shift the Subsidies Database of energy finance from international, regional, and bilateral public financial institutions around the world now includes over 7,000 energy finance transactions going back to 2008.
International financial institutions such as the World Bank Group and regional development banks, along with export credit agencies and bilateral aid agencies, provide tens of billions of dollars each year in direct financial support to oil, gas, and coal companies to expand production globally. This dirty energy infrastructure causes local pollution, relocation of communities, and contributes to climate change – which is already hitting developing countries and the poor hardest. Even worse, it rarely supports increased access to energy for the poor, despite this being a common excuse used by politicians when asked about their funding of dirty energy.