New analysis finds fossil fuel subsidies exceed Green Climate Fund support 40 to 1

New analysis finds fossil fuel subsidies exceed Green Climate Fund support 40 to 1

New analysis from Oil Change International and Climate Action Network – Europe released today at the COP21 United Nations climate negotiations reveals that G7 countries along with Australia spend 40 times more on support for fossil fuel production than they do in contributions to the Green Climate Fund.

The analysis shows that the Australia, Canada, France, Germany, Italy, Japan, the United Kingdom and the United States account for some $80 billion per year in public support for fossil fuels, while their total pledges to the Green Climate Fund only amount to $2 billion per year.

“Though rich countries are crying poor when it comes to what they can offer on climate finance, we already know where to find billions of dollars that could be used to support climate action and adaptation to climate impacts in poor countries: we can shift the hundreds of billions of dollars in public support for fossil fuels and use it to support climate action,” said Alex Doukas, Senior Campaigner for Oil Change International.

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The analysis builds upon a recent report released by Oil Change International and the Overseas Development Institute that found $452 billion in public support for fossil fuels from G20 countries annually. This compares to only $121 billion in renewable energy subsidies on the global level per year.

“Eliminating fossil fuel subsidies in rich countries could be a massive double win. It would stop a huge waste of public money that’s driving the climate crisis, while at the same time freeing up money that can help poor countries adapt to the impacts of climate change and make the shift to renewable energy,” Doukas said.

The analysis uncovers that Australia provides more than 113 times more in subsidies to fossil fuel producers than Green Climate Fund commitments each year; Canada, 79 times more; Japan, 53 times more; the UK, 48 times more; Italy, 42 times more; the US, 32 times more; Germany, 21 times more; and France, 6 times more subsidies to fossil fuel producers than contributions to the Green Climate Fund.

 

Source: Price of oil

Date: December 2015

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Tags assigned to this article:
climate changefossil fuelsrenewablessubsidies

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