Fossil-fuel support four times higher than renewables

WORLDWIDE: A new report has found public finances backing fossil-fuel projects in G20 countries averaged $71.8 billion between 2013 and 2015, compared with $18.7 billion spent supporting clean energy.

Angela Merkel is putting a focus on climate change at the G20 summit, despite some other countries' reticence
Angela Merkel is putting a focus on climate change at the G20 summit, despite some other countries' reticence

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The Talk is Cheap: How G20 governments are financing climate disaster report was released by advocacy groups Oil Change International, Friends of the Earth, the WWF and the Sierra Club.

"Of all public finance for energy provided by G20 institutions and the multilateral development banks between 2013 and 2015, over $71.8 billion annually — or 58% — supported fossil-fuel production, while just $18.7 billion annually — or 15% — supported clean energy, including renewable sources such as wind, solar, geothermal and small hydro," the report said.

It also found that half of all G20 public finance for energy supported oil and gas production alone.

"The report details public support for energy projects from G20 public finance institutions, such as overseas development aid agencies and export credit agencies and multilateral development banks," said Oil Change International.

"Our research shows that the G20 still hasn't put its money where its mouth is when it comes to the clean energy transition. If other G20 governments are serious about standing up to Trump's climate denial and meeting their commitments under the Paris Agreement, they need to stop propping up the outdated fossil-fuel industry with public money," said report author and Oil Change International senior campaigner Alex Doukas.

The report was issued days before the G20 leaders meet in Hamburg, Germany.

German chancellor Angela Merkel has said climate change will be a focus of the meeting, despite the US president's recent decision to pullout of the 2015 Paris Climate accord.

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