Alex Doukas, July 5, 2017
Oil Change International, Friends of the Earth – U.S., Sierra Club, WWF European Policy Office
With Climate Action Network Europe, Environmental Defence (Canada), JACSES (Japan), Korea Federation for Environmental Movements (South Korea), Legambiente (Italy), Les Amis de la Terre (France), Urgewald (Germany), Friends of the Earth Japan, KIKO Network (Japan), and Re:Common (Italy). Its recommendations are endorsed by AboveGround (Canada).
The best available science shows an urgent need to keep global temperature increases below 1.5°C to avoid severe disruptions to people and ecosystems. Recent analysis shows that burning the reserves in already operating oil and gas fields alone, even if coal mining is completely phased out, would take the world beyond 1.5°C of warming. The potential carbon emissions from all fossil fuels in the world’s already operating fields and mines would take us well beyond 2°C.
Despite this reality, the same governments that have signed on to the Paris Agreement on climate change – which agrees to hold global warming to well below 2°C and to strive to limit warming to 1.5°C – continue to provide sweetheart loans, guarantees, and other forms of preferential financing to fossil fuel projects that could cause the world to blow past those climate targets.
This analysis shows that G20 governments are providing nearly 4 times more public finance to fossil fuels than to clean energy.
With the United States indicating that it intends to pull out of the Paris Agreement, other governments must provide leadership in the clean energy transition: the remaining G20 governments will need to step up. Governments simply cannot be climate leaders while continuing to finance fossil fuels at current rates.
- How G20 Governments are Financing Climate Disaster July 8, 2017
- Even as All G20 Countries Except U.S. Affirm Paris Deal, Nations Pour $72B a Year into Fossil Fuels July 10, 2017