Poverty, climate and energy. The case against oil aid
By Jubilee South, WEED, Oil Change and FoEI
For more than 25 years, wealthy countries have been using aid and other foreign assistance to subsidize the expansion of the international oil industry, a practice known as “Oil Aid”. International financial institutions like the World Bank, along with bilateral aid agencies and Export Credit Agencies, provide billions of dollars a year in direct financial support to help oil companies like Exxon Mobil, Royal Dutch Shell, BP and Halliburton expand production overseas. The overwhelming majority of this money goes to projects that export the oil back to wealthy countries, while it does not help to reduce poverty. This briefing explains why fossil fuel subsidies should end.
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