ECAs are the worst public finance supporters of fossil fuels over clean energy

(Oil Change International, Washington, 1 November 2022) OCI's new report “At a Crossroads: Assessing G20 and MDB international energy finance ahead of stop funding fossils pledge deadline” looks at G20 country and MDB traceable international public finance for fossil fuels from 2019-2021 and finds they are still backing at least USD 55 billion per year in oil, gas, and coal projects. This is a 35% drop compared to previous years (2016-2018), but still, almost twice the support provided for clean energy, which averaged only $29 billion per year. ECAs were the worst public finance actors, providing seven times more support for fossil fuels than clean energy – at least $34 billion per year for fossil fuels and just $4.7 billion for clean energy. The report analyzes finance from OCI’s open-access database, and Public Finance for Energy's Database (energyfinance.org), which have been updated alongside the release of this report. It tracks financial flows to fossil fuels and clean energy from G20 bilateral development finance institutions (DFIs), export finance agencies (ECAs), and the multilateral development banks (MDBs). The report from OCI and Friends of the Earth US has been endorsed by a long list of international civil society organizations.