A public database for public finance
G20 governments and the major multilateral development banks (MDBs) provide over USD $100 billion each year in international finance for energy projects. This public money has an outsized influence on what kinds of energy projects get built. Unfortunately, for every dollar going to the clean energy we need to build a just and liveable future, almost two times more is still flowing to fossil fuels.
The Public Finance for Energy Database is the only resource tracking these flows across more than one institution. At 12,000 transactions and counting, totalling over $1 trillion, our data is free and publicly available to make sure G20 governments and MDBs can be held accountable to their promises to build a liveable and just future.
Why track international public finance?
The Public Finance for Energy Database is a project of Oil Change International. We compile transaction-level data on finance from G20 export credit agencies and development finance institutions as well as the major multilateral development banks. Our data shows these government institutions are providing at least $47 billion a year on average in influential international public finance for oil, gas, and coal. For 2020-2022 this was 1.4 times their support for clean energy. This public money is prolonging the fossil fuel era and making it harder for clean energy projects to get built.
This fossil fuel finance runs directly counter to our global climate goals. The International Energy Agency is clear that, in order to maintain a 50% chance to limit global warming to 1.5°C, we need to stop investing in new fossil fuel supply now, and rapidly increase public finance for affordable clean energy.
G20 and MDB public finance for fossil fuels, clean, and other energy, 2013-2022, in USD Billions
Despite governments’ long lasting commitments to end fossil fuel subsidies and align financial flows with the Paris climate goals, since 2013 public finance flows to fossil fuel projects have only slightly decreased and support for clean energy has not increased to the extent needed.
Public finance has an outsized impact on energy systems and often acts as a subsidy. This is because these loans, guarantees, equity, and grants have come with below-market rates, technical capacity, and decreased financial risks that make projects much more likely to go forward. We need the $47 billion a year in public finance for fossil fuels — and more — to be shifted to support a just transition to clean energy instead.
To get on the pathway to a globally just energy transition in line with 1.5°C, we need wealthy G20 governments to do much more as well, including rapidly phasing out their fossil fuel production at home, ensuring their public finance institutions uphold comprehensive human rights due diligence across for clean energy projects, provide their fair share of climate finance, loss and damage finance, and debt cancellation, and work together to update international monetary, trade, tax and debt policies to build a more just and equitable global financial system that is fit to deliver a globally just energy transition.
Top 15 G20 countries for international public finance for fossil fuels, annual average 2020-2022, USD billions
Canada, Korea, and Japan are the largest current providers of international public finance for fossil fuels out of the G20 countries, bankrolling on average $10.9 billion, $10 billion and $6.9 billion a year on average respectively between 2020 and 2022.
Multilateral Development Bank finance for fossil fuels, annual average 2020-2022, USD billions
Among MDBs, the World Bank Group provides the most financing for fossil fuel projects each year, providing on average $1.2 billion annually.
Despite these trends, public pressure for climate action means a breakthrough is on the horizon. As of 2021, most G20 countries had policies to end their coal finance. These coal exclusion policies have worked to nearly eliminate international public finance for coal. Support for coal dropped from an annual average of $10 billion 2017-2019 to $221 million in 2022.
So far, 36 countries and 5 institutions have signed on to the Clean Energy Transition Partnership (CETP), to end their international support for oil and gas by the end of 2022 and instead fully prioritize their public finance for clean energy. We are tracking their progress on these promises here. We need to ensure countries keep their promise without loopholes, and ensure other countries follow-suit.
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Cited by BloombergNEF, Reuters, Energy Monitor, Nature, Cambridge University, Friends of the Earth US, International Institute for Sustainable Development, OECD, Solutions for Our Climate, Banktrack, Big Shift Global and many others.
Explore the Site
Data Dashboard: An interactive panel showing the flows of public finance going to fossil fuel, clean, and other energy projects from G20 trade and development finance institutions and the major MDBs.
Policy Tracker: A live report card on G20 country and MDB implementation of their promises to end public finance for fossil fuels.
About: Details on how we collect our data, key definitions, and data limitations.
Resources: Research and news on international public finance from Oil Change International and our partners.
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© Oil Change International (CC BY-NC-SA 4.0)
© Oil Change International (CC BY-NC-SA 4.0)