As part of the post-Covid-19 stimulus packages, G20 governments have already committed at least $151 billion of public money to fossil fuels, equating to 56% of all public funds mobilised for the energy sector. This was the estimation provided on Wednesday 15 July by the Energy Policy Tracker, a website launched by the International Institute for Sustainable Development (IISD) that has collated data from 14 organisations.
“National and subnational jurisdictions [...] have once again thrown lifelines to oil, gas, coal, and fossil fuel-powered electricity”, said IISD member Ivetta Gerasimchuk, who is leading the Energy Policy Tracker project.
Moreover, according to the analysis undertaken by the Energy Policy Tracker, only 20% of the policies granting this public aid are subject to environmental conditions that must be respected by the beneficiary fossil fuel companies, such as the setting of climate targets or the implementation of pollution reduction plans.
The Energy Policy Tracker also believes that at least $120.56 billion of public aid for fossil fuels is unconditional, while at least $30.25 billion is conditional.
The analysis also indicates that $89 billion has been committed to “clean energy”, demonstrating that fossil fuel industries currently receive 70% more stimulus funding than those projects classified as “clean energy”.
Read the analysis: https://bit.ly/2ZtjYZX (Damien Genicot)