Burning fossil fuels currently accounts for two thirds of global greenhouse gas emissions. To stay within 1.5˚C of warming, a rapid transition away from fossil fuels will be critical. In May 2021, the International Energy Agency (IEA) concluded that there could be no new oil, gas or coal development if the world was to reach net zero by 2050.

However, the UK government is still heavily invested in fossil fuels. Since the Paris Agreement was signed, £3.875bn of UK public funding has supported fossil fuel projects overseas. This funding has taken the form of fossil fuel subsidies. Fossil fuel subsidies are any government action that lowers the cost of fossil fuel energy production, raises the price received by energy producers, or lowers the price paid by energy consumers.

We are calling on the UK government to undergo peer review of its financial support for fossil fuels, as recommended in the ‘G20 scorecard’ and end tax relief for oil and gas extraction.