G20 countries provide $77bn a year to fossil fuel industry, says report

G20 countries have provided at least $77 billion a year in public finance to oil, gas and coal projects since the Paris Climate Agreement was reached, according to a new report released by Friends of the Earth U.S. and Oil Change International.

The government-backed support to fossil fuels from export credit agencies, development finance institutions, and multilateral development banks is more than three times the amount provided to clean energy, the groups claim. China, Japan, Canada, and South Korea are the largest providers of public finance to oil, gas, and coal, together making up over two-thirds of the G20 total, they added.

Key findings of the report, called 'Still Digging: G20 Governments Continue to Finance the Climate Crisis', include support for fossil fuels has not dropped since the Paris Agreement was made; and export credit agencies provided nearly 14 times as much support for fossil fuels than clean energy, with $40.1 billion a year for fossils and just $2.9 billion for clean.