Big Oil and Coal grab their public money from many different places. Oil Change International (OCI) sent thousands of letters to the U.S. Congress to oppose subsidies, and now asks for your help in solving the problem of international fossil fuel subsidies.
Here’s why: Global financial institutions such as the World Bank provide subsidies to oil, gas and coal companies. Your tax dollars may have helped the World Bank spend more than $6 billion last year on oil, gas and coal projects in developing countries. A fraction of that money could have put any one of many New Energy projects into the marketplace.
Right now the World Bank is updating its energy investing strategy for the next decade. OCI is asking the World Bank to phase out those dirty subsidies and shift its lending to support for clean, reliable, and sustainable energy projects and services that honestly give the poorest in the developing world access to energy, says OCI.
“Despite its pro-poor, pro-climate rhetoric, the Bank’s fossil fuel lending has increased 400 percent since 2006. Furthermore, according to Oil Change International’s independent analysis, NONE of these projects were funded specifically to provide energy access to the poor, which the Bank says is its mission.”
On March 1, 2011, Oil Change International will call on the Bank to free us from fossil fuels. Before that date, we can add our collective weight to the OCI appeal by signing their petition.