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Hidden Cash For Fossils

Hidden Cash For Fossils

Jubilee Australia and ActionAid Australia released a new report detailing how Australian taxpayer dollars are sneakily funding fossil fuels.

How? Through our shareholdings in the multilateral development banks (MDBs).

Read the report here. The Guardian also covered it here.

The key findings are:

  • In 2020, 19% of Australia’s aid money went to the MDBs, including the World Bank, Asian Development Bank, and Asian Infrastructure Investment Bank

  • Australia is a shareholder in the MDBs - we are the fifth largest shareholder in the Asian Development Bank (ADB) and the sixth largest shareholder in the Asian Infrastructure Investment Bank (AIIB). This means we have leverage to influence policy and financing decisions at these banks

  • Between 2016 and 2021, after the Paris Agreement was signed, the World Bank, the ADB and the AIIB provided over almost AU$33 billion to fossil fuel development projects

  • Based on Australia’s shareholding in these MDBs, Australia’s share of the fossil fuel financing is AU $828 million over the same period

  • Australia could help MDBs to shift millions out of fossil fuels and into clean energy globally by signing the Glasgow Statement

5 June 2023

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