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I don't need a Christmas present because we've just won the campaign I've been working on for three years - the UK Govt will end all taxpayer support for fossil fuels overseas. This is BIG climate news.
But why? THREAD! https://www.nytimes.com/2020/12/11/world/europe/UK-fossil-fuel-subsidies.html
But why? THREAD! https://www.nytimes.com/2020/12/11/world/europe/UK-fossil-fuel-subsidies.html
As @BillMcKibben says in this excellent essay, money is the fuel that keeps global warming going. Ending the crisis means ending the flow of money to polluters.
Broadly, the money comes in 2 types - PUBLIC finance (govt support) and PRIVATE finance. https://www.newyorker.com/news/daily-comment/money-is-the-oxygen-on-which-the-fire-of-global-warming-burns
Broadly, the money comes in 2 types - PUBLIC finance (govt support) and PRIVATE finance. https://www.newyorker.com/news/daily-comment/money-is-the-oxygen-on-which-the-fire-of-global-warming-burns
The UK has a long record of providing billions of pounds - £21 billion in the last 4 yrs alone - in public finance for fossil fuels overseas. This has gone to support fracking in Argentina, oil refineries in Bahrain, coal mining in Russia. You name it, they've supported it!
The most notorious of these agencies supporting fossil fuels is @UKEF, who famously have given around 97% of their energy related support to fossil fuels, and just 4% to renewables. https://unearthed.greenpeace.org/2017/04/19/uk-trade-billions-export-finance-fossil/
There are also a huge range of other semi-government institutions like @PIDG who use aid money to fund fossil fuels in developing countries - I wrote this report about them for @Global_Witness last year: https://www.globalwitness.org/en/press-releases/uk-taxpayer-funded-organisation-spent-750-million-financing-climate-change/
Over the last 3 years we built a winning coalition on this issue, despite being told it was impossible to win. We involved grassroots movements, affected communities in other countries, we did parliamentary lobbying, direct action, diplomacy work - it was a huge team effort.
This win is no small thing. The UK will be the first country to end support for fossil fuels overseas - for good. And it will spur many other countries to follow suit.
How are the big polluters going to cope when they start to lose the financial backing of governments?
How are the big polluters going to cope when they start to lose the financial backing of governments?
Answer: They will really struggle. Public finance removes the risk from fossil fuel projects by placing the risk on the taxpayer. Without it, the private sector will have to shoulder more of the risk themselves. Will they?
Don't take my word that it's a big international deal: look out for commentary today from @LouBurrows7. An early enthusiast for this campaign when only a few of us believed in it, without her I'm fairly certain the UK wouldn't be announcing this move today.
The UK Govt's £21 billion for fossil fuels over the last 4 years - next year that'll be close to £0, forever.
The fossil fuel age is ending. People power can bring it to an end and replace it with something better, with steps like this.
The fight goes on!
The fossil fuel age is ending. People power can bring it to an end and replace it with something better, with steps like this.
The fight goes on!
