G20 governments are spending $444 billion every year to support fossil fuel production. These financial flows are limiting the expansion of renewable energies that could curb global warming and meet a variety of sustainable development goals.
This paper is a document that describes the drivers behind marginal oil investments and gives an overview of existing and potential projects across the globe. It contains important analysis that should be public knowledge and will productively feed the ongoing debate, from Cancun to Durban to Rio and beyond.
Eni, formerly the Italian state oil company, is undertaking a new multi-billion dollar investment in Congo in developing tar sands, oil palm for food and bio-diesel and gas-fuelled electricity. The study gives background information about the plans.