Australia’s domestic emissions account for one per cent of global carbon dioxide emissions. But when we add the emissions released by our coal and gas exports, we are the fifth largest emitter in the world.
Australia is now the world’s largest exporter of coal and gas, propped up by billions of dollars in foreign government support, our report Fossil Fuel Pushers reveals.
Our research shows that governments around the world are supporting fossil fuel projects with public financing, including through secretive export credit agencies (ECAs). ECAs are semi-government agencies that provide government-backed finance to companies, usually to boost their respective nations’ exports.
We want the government to announce publicly that it will support an end to public financing of fossil fuels at the OECD working group on export credits, which regulates ECAs. At every group meeting so far, Australia has blocked any new initiative to curb ECA support of fossil fuels.
“Australia should support the shift away from fossil fuels, not try to hold back progress by blocking stronger agreements to end public funding of coal and gas.”
—DINA RUI, CAMPAIGNS DIRECTOR, JUBILEE AUSTRALIA
HOW BIG IS THE PROBLEM?
AUSTRALIA IS BLOCKING CLIMATE ACTION
The Coalition government has been blocking international efforts to limit public financing of fossil fuels. It’s easy to see why.
FOREIGN FINANCING BACKS OUR FOSSIL FUELS
Over the last ten years, public finance banks overseas poured $36.7 billion into Australian coal and gas. Only $3.3 billion went to renewables.
PUBLIC FINANCING PROPS UP BIG GAS
Every major gas project in Australia, since 2010, has been financed by export credit agencies overseas. There are more in the pipeline.
These projects go on to pollute our atmosphere and do enormous harm to everyone living on our increasingly disaster-prone planet.
Climate proof EFA
Release Date: 16 Apr 2020