Fossil Fuel Funding in Foreign Aid Quadruples in a Year, Report Reveals

A startling new report has unveiled that foreign aid directed toward fossil fuel projects has surged dramatically, increasing from $1.2 billion in 2021 to a staggering $5.4 billion in 2022. This fourfold rise has alarmed environmental advocates and underscores a significant disconnect between global climate pledges and actual financial practices.

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“This shocking increase in aid funding to fossil fuels is a wake-up call,” stated Jane Burston, CEO of the nonprofit Clean Air Fund, which conducted the research. “The world cannot continue down this path of propping up polluting practices at the expense of global health and climate stability.”

Despite long-standing commitments from international bodies to reduce reliance on fossil fuels, the influx of aid suggests a different trajectory. Adalberto Maluf, Brazil’s national secretary of the urban environment and environmental quality, emphasized that international public funding “does not come close to meeting the scale of the challenge” and often fails to reach those most affected by Climate change. Brazil currently holds the G20 presidency and is set to host the COP30 climate summit next year.

The report identified the top five financiers of fossil fuel projects between 2018 and 2022: the Islamic Development Bank, Japan International Cooperation Agency, the Asian Development Bank, the European Bank for Reconstruction and Development, and the International Finance Corporation—the private sector arm of the World Bank.

While some of the funding supports industries like fertilizer and cement production, which currently lack clean alternatives, a significant portion backs energy sector projects where renewable options are readily available. The International Energy Agency notes that the cost of capital for clean energy projects in poorer nations is more than double that in wealthier countries. High upfront costs and unfavorable loan terms often compel these nations to continue relying on fossil fuels.

This report emerges ahead of a crucial climate summit in Azerbaijan scheduled for November, where negotiators aim to forge new financial commitments. The Clean Air Fund urges that air quality should not be overlooked in these discussions. Despite outdoor air pollution causing an estimated 4 million deaths annually, clean air initiatives receive just 1% of foreign aid funding.

“Tackling air Pollution is essential—not only for protecting our climate but for safeguarding public health,” Burston emphasized. “The stakes couldn’t be higher.”

Environmental advocates hope that these revelations will prompt a reevaluation of funding priorities and a renewed commitment to transitioning away from fossil fuels in favor of sustainable, clean energy solutions.

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