Biden's Executive Order and statements today could set the stage for a MASSIVE shift away from public handouts to the fossil fuel industry - not only in the US, but around the world.

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We already know today's Executive Order directs federal agencies to eliminate the fossil fuel subsidies they have control over. That's huge - there are billions in handouts to oil, gas, and coal corporations the Biden Administration can take off the board without delay.

Add to this the @POTUS statement that he wants to nix the over $40bn in fossil fuel subsidies and will work with Congress to address those subsidies that require legislative action. If the Biden Administration follows through on this... https://twitter.com/PriceofOil/status/1354513809768124416

...they will have a huge opportunity to put fossil fuel subsidies back on the G20 and G7 agendas in a big way, following the EU position adopted yesterday calling for a global phaseout of fossil fuel subsidies along a clear timeline (let's set a date certain, and make it soon).

In addition to these moves on subsidies, the Executive Order also contains a commitment to move US international public finance out of fossil fuels. Still awaiting full details, but if this covers all oil, gas, and coal finance, it would be HUGE. https://pro.politico.eu/news/usa-planning-end-public-financing-foreign-fossil-fuel-projects

This would position the US to join with the UK and EU in recent commitments to end their international public finance for fossil fuels, and create a huge amount of pressure on other governments and institutions to follow suit.

There's at least $77bn in annual support to fossil fuels from public finance institutions (probably much more hiding in the shadows). Taking this catalytic public $$$ off the board will remove a massive perverse incentive for fossil fuel expansion.

There should be no more development finance (whether multilateral or bilateral) and no more export finance for fossil fuels. It's way past time for governments to act, and today's actions could help trigger a massive cascade of action on this front.

It won't happen on its own - US, EU, UK, and others will need to invest significant diplomatic & political capital to achieve this shift, along with credibility-building steps to nix fossil fuel subsidies and curb fossil fuel production at home. But the upside is huge. Let's go!

Update - the text of the EO is out. It's a very good start. Biden Admin will need to be crystal clear that oil, coal, AND gas are out if they want this move to really make a dent, in line with Kerry's comments today that gas is not a bridge fuel.