This Overseas Development Institute (ODI) and Oil Change International (OCI) report discovers that G20 governments' exploration subsidies marry bad economics with potentially disastrous consequences for climate change. In effect, governments are propping up the development of oil, gas and coal reserves that cannot be exploited if the world is to avoid dangerous climate change.
- Read the country-by-country breakdown
- See where exactly the exploration is happening
- The report launch: how it happened
Furthermore findings show that by providing subsidies for fossil-fuel exploration, the G20 countries are creating a ‘triple-lose’ scenario. They are directing large volumes of finance into high-carbon assets that cannot be exploited without catastrophic climate effects. They are diverting investment from economic low-carbon alternatives such as solar, wind and hydro-power. And they are undermining the prospects for an ambitious climate deal in 2015.
Elizabeth Bast, Shakuntala Makhijani, Sam Pickard, and Shelagh Whitley