Published on June 3rd, 2015 | by Joshua S Hill12
Coal Industry Received More Than $73 Billion In Last 8 Years
June 3rd, 2015 by Joshua S Hill
A new report has for the first time shone the light on just how much money is being poured into the coal industry by financial institutions and governments worldwide.
The report, Under the Rug: How Governments and International Institutions Are Hiding Billions in Support to the Coal Industry, reveals that key governments and financing organisations have funnelled more than $73 billion into coal-related projects over the last 8 years.
“International financial institutions and governments worldwide are pouring billions of dollars into building new and existing coal-fired power plants and expanding coal mining – activities that worsen dangerous carbon pollution,” write the Natural Resources Defense Council, one of three organisations along with Oil Change International and the World Wildlife Fund who authored the report.
The report notes that the funds are primarily made up of export support for coal, but also includes development aid and general financing, and are helping to perpetuate “coal use and exacerbating climate change.”
Needless to say, “It needs to stop, immediately.”
“When you’re in a hole you need to stop digging,” says Jake Schmidt, International Program Director at NRDC. “That’s why countries and multilateral institutions should immediately stop using scarce public funds to subsidize coal-fired power plants, coal mining and infrastructure that supports coal use and drives climate change.”
“These publicly financed dirty energy projects are taking the world in the exact opposite direction from where we need to go to solve the growing climate crisis and protect future generations.”
Japan leads the way for financing coal between 2007 and 2014, followed by China and Korea as the top 3.
Total Public Coal Finance 2007-2014 by Country (billion USD)
And as can be seen below, the primary culprit for financial financing comes from OECD Export Credit Agencies.
International Public Finance for Coal By Year, 2007-2014 (billion USD)