Group of 20 nations and the major multilateral development banks have spent almost twice as much on financing international fossil fuel projects as on clean energy alternatives in a recent two-year period, a report published Tuesday by a pair of revealed green groups.

Oil Change International and Friends of the Earth US, along with dozens of groups collaborating on climate and environmental justice, found that from 2019 to 2021, G20 members and multilateral development banks (MDBs), including the World Bank and the International Monetary Fund (IMF) “provided at least $55 billion a year in international public financing for oil, gas and coal”, an amount “nearly twice their support for clean energy, which averaged only $29 billion a year.”

“This support runs directly counter to the G20 countries’ commitment to align financial flows to 1.5°C under the Paris Agreement, as well as their 2009 commitment to phase out fossil fuel subsidies,” the publication continues. “This international public finance has an outsized impact on global energy systems, as it can offer government-backed credit ratings, is often provided at below-market rates, comes with a strong research capacity and technical and signals broader government priorities.”

“Right now,” the report notes, “G20 countries and MDBs are using their international public finances heavily to support fossil fuel companies and prolong the fossil fuel era.”

The new report comes days before the United Nations Climate Change Conference, or COP27, in Sharm el-Sheikh, Egypt. Last year, at COP26 in Glasgow, Scotland, dozens of countries and institutions, including the United States, pledged to end public funding of fossil fuel projects by 2022 and give full priority to the transition to investment in clean energy.

However, according to the new report, the United States spent an average of $2.6 billion on fossil fuel investments, compared to just $358 million on renewable energy, from 2019 to 2021.

“As the world’s largest historical contributor to climate change, the United States has a duty to show true leadership in supporting the President. [Joe] Biden’s commitment to shift international public finance from fossil fuels to clean energy,” Kate DeAngelis, international finance program manager at Friends of the Earth US, said in a statement.

“Instead, the U.S. Export-Import Bank and the U.S. International Development Finance Corporation have funded tens of billions of dollars for overseas fossil fuel projects that harm communities, kill workers and members of the community and cause environmental destruction,” she added. “Biden’s failure to release a comprehensive policy for international energy funding means the United States is breaking its promise rather than ending this deleterious funding.”

According to the report, export credit agencies “were the worst performers in public finance, providing seven times more support for fossil fuels than clean energy.”

On Monday, The Guardian published a report that used Oil Change International’s Public Finances for Energy database to detail how the US government is pouring billions of dollars into fossil fuel projects in Africa while making relatively small investments in renewable energies.

“International public funding is urgently needed to build a just energy transition on a global scale. But it cannot play this critical role if G20 countries and MDBs continue to pump $55 billion a year into climate-destroying fossil fuel projects,” said Claire O’Manique, one of the main authors of the new report and public finance analyst for Oil Change International. statement.

“The climate movement will continue to hold rich countries accountable for their role in funding the climate crisis, and will demand that they act first and fastest to phase out their fossil fuel production, stop funding fossils and pay their fair share of a just energy transition on a global scale. ,” she added. “It is long overdue for public finance money to be spent on addressing fossil fuel colonialism by funding real solutions.”