R E P O R T NOVEMBER 2020 GAS, CLIMATE, AND DEVELOPMENT EXPLORING THE CASE FOR ENDING PUBLIC FINANCE FOR FOSSIL GAS
ISKANDER ERZINI, ZACH MALIK & LISA FISCHER
www.e3g.org 1 CONTENTS
1 WHY TACKLE GAS NOW?
2 THE ROLE OF PUBLIC FINANCE INSTITUTIONS IN FINANCING GAS
3 MAPPING THE COMPLEXITY AND OPTIONS IN THE GAS TRANSITION A. Supply chain analysis B. Managing financial risks of gas C. The role of gas in development D. Summary of cross-cutting issues
4 RECOMMENDATIONS FOR PUBLIC FINANCIAL INSTITUTIONS (PFIS) Multilateral Development Banks (MDBs): Official policies on gas Development Finance Institutions (DFIs): Example policies on gas Summary recommendations
www.e3g.org 2 1 WHY TACKLE GAS NOW? A SUMMARY OF THE ROLE OF GAS IN CLIMATE CHANGE
> Latest science and technological realities > Most conventional climate change suggest that for many end uses gas is no assessments of gas projects fail to account longer the “climate-optimal” solution. for the emissions in the supply chain, e.g. methane leakage, which at certain > Scenarios aligned with the Paris Agreement rates can make gas as bad for the climate (1.5C, no overshoot) largely require today’s as coal. global gas demand to decrease, not increase, by 2030, implying a decrease in gas > Gas can actively hamper the transition consumption in many developing to a climate-neutral energy system, country markets. by displacing or crowding out renewable heat and electricity deployment. > According to the latest studies, as of 2019, gas is the leading contributor to > Key climate-vulnerable developing countries global fossil emissions increases – whilst have explicitly signalled their volition to coal emissions are declining. phase out fossil fuels toward renewable energy as part of their development
GAS, CLIMATE AND DEVELOPMENT www.e3g.org 4 FOSSIL GAS HAS BECOME THE LARGEST SOURCE
OF INCREASE IN GLOBAL FOSSIL CO2 EMISSIONS
Source: Global Carbon Project 2019
GAS, CLIMATE AND DEVELOPMENT www.e3g.org 5 ALL 1.5C COMPATIBLE PATHWAYS REQUIRE A STEEP REDUCTION
Change in primary Primary energy from gas (compared to 2010): energy consumption IPCC 1.5C pathways from fossil gas 60%
40%
20%
0%
-20%
-40%
-60%
-80% 2030 2050 2030 2050 2030 2050 2030 2050 Pathway 1 Pathway 2 Pathway 3 Pathway 4
Source: E3G based on IPCC 1.5 report figures No or limited overshoot Overshoot
GAS, CLIMATE AND DEVELOPMENT www.e3g.org 6 METHANE EMISSIONS OF GAS ARE SIGNIFICANT BUT OFTEN UNACCOUNTED FOR
> Out of 100 methane leakage hot spots worldwide, 50 are associated with oil and gas production.
> MDB & DFI carbon foot printing and shadow carbon pricing methodology often neglects these upstream (“scope 3”) emissions and uses conservative assumptions around the global warming potential of fossil gas.
Source: European Space Agency, 2020
GAS, CLIMATE AND DEVELOPMENT www.e3g.org 7 2 THE ROLE OF PUBLIC FINANCE INSTITUTIONS (PFIS) IN FINANCING GAS MDBS ARE SIGNIFICANTLY EXPOSED TO GAS
> The main 7 MDBs spent 31% of their energy lending on natural gas and oil between 2015 and 2018, equalling $31 billion.
> Of this, 97% went to projects involving gas. > Some MDBs, however, are changing their approach to gas, with the EIB announcing its intention to stop financing almost all unabated gas from 2021.
Source: E3G based on data compiled by Oil Change International
GAS, CLIMATE AND DEVELOPMENT www.e3g.org 9 ...AS ARE NATIONAL AND BILATERAL DFIS
> East Asia and the Gulf are the largest sources of gas development finance.
> China Development Bank is by far the largest financer of gas.
Source: E3G based on data compiled by Oil Change International
GAS, CLIMATE AND DEVELOPMENT www.e3g.org 10 THE GAS TRANSITION IS MUCH MORE COMPLEX THAN THAT OF COAL...
> Gas is used and causing emissions across all major energy consuming sectors.
> The alternative solutions in each sector are of different maturity and range from near “like for like” replacement to need for systemic and regulatory change. (Slides 16 and 17 look at these alternatives)
Source: E3G based on data compiled by Oil Change International
GAS, CLIMATE AND DEVELOPMENT www.e3g.org 11 THERE ARE POLITICAL AND INSTITUTIONAL REASONS FOR GAS FINANCING AT PUBLIC FINANCE INSTITUTIONS
INSTITUTIONAL SET UP COUNTRY POLITICS
> Investment targets for loan officers/teams incentivise > As countries phase out of coal, they perceive gas big transactions which are more likely to be fossil fuel as the only alternative for dispatchable power. projects. > Reference to right to exploit own natural (fossil) > Institutionalised “natural resources departments” resources and perceived associated development continue to source and develop fossil fuel projects. benefits; this association is less pronounced for renewable resources. > Without formal gas exclusions, the “demand led” project pipeline of public finance institutions means > Traditionally, renewable energy sources arenot better alternatives are rarely considered, as long as “institutionalised”. Therefore, limited royalties from gas can show some GHG savings compared to renewable energy projects. business-as-usual. > Fossil fuel projects tend to be more centralised and thus enable decision makers to retain influence. > NDCs reflect low ambition pathways and do not (yet) align with 1.5°C .
GAS, CLIMATE AND DEVELOPMENT www.e3g.org 12 A SUMMARY OF TECHNICAL ISSUES: THE REASONS FOR SUPPORT FOR GAS AND CONSIDERATIONS BASED ON RECENT EVIDENCE
There is a hope for quick wins, Gas is essential for The lock-in risk e.g. coal-to-gas grid reliability underestimated
Climate goals require the energy Wind and solar require balancing, Wind and solar plants that are Gas infrastructure built today is sector to be decarbonised by mid- but gas is neither the only, nor the coupled with battery storage are designed to operate and produce century. This means that both coal best, resource available for doing becoming a competitive revenue for several decades. and gas must be phased out. so. The economic case for building “dispatchable” source of As alternatives (e.g. renewable Replacing coal plants with new gas new coal and gas capacity is energy and can be operated in energy) become cheaper this will plants will not cut emissions by crumbling, as batteries start to ways to provide grid services. The limit countries’ ability to take nearly enough, even if methane encroach on the flexibility and main remaining challenge is that advantage of these developments. leakage is kept to a minimum. peaking revenues enjoyed by of seasonal balancing. Hydrogen is not a silver bullet to fossil fuel plants. avoid asset stranding.
GAS, CLIMATE AND DEVELOPMENT www.e3g.org 13 A SUMMARY OF TECHNICAL ISSUES: THE REASONS FOR SUPPORT FOR GAS AND CONSIDERATIONS BASED ON RECENT EVIDENCE CONTINUED
Fossil gas is cheaper than The environmental impact renewables of gas is underestimated
The dramatic and ongoing cost There is no room for new fossil declines for wind and solar disrupt fuel development – gas included – the business model for gas in the within the Paris Agreement goals. power sector. While cost has been Achieving the Paris goals will a constraint in the past, today, require governments to wind and solar are the cheapest proactively manage the decline forms of bulk energy supply in of all fossil fuels together. But most major markets. Which stopping new projects alone will means renewables can help not be enough to keep warming support the development of well within 1.5°C target. developing countries. PFIs instead Governments must also phase out have an important role a significant number of existing to play in bringing down projects ahead of schedule. cost of capital and risk mitigation around wind and solar in emerging markets
GAS, CLIMATE AND DEVELOPMENT www.e3g.org 14 3 MAPPING THE COMPLEXITY AND OPTIONS IN THE GAS TRANSITION
A. SUPPLY CHAIN ANALYSIS B. GAS INVESTMENTS FACE FINANCIAL RISKS C. THE ROLE OF GAS IN DEVELOPMENT D. SUMMARY OF CROSS-CUTTING ISSUES A. SUPPLY CHAIN ANALYSIS UPSTREAM
If the world acts successfully on climate change, demand for fossil gas will decrease. The EU, still the world’s largest gas consumer, will reduce gas consumption to near-zero. Only the most cost-competitive exporters will be able to continue to supply, most of this is existing supply. IEA WEO scenarios estimate higher fossil fuel demand until 2050, due to optimistic assumptions on negative emissions technologies. Where these are the basis for (fossil) export-led growth strategies, development and stranded asset risks may be underestimated.
Source: Carbon Tracker, Global LNG cost supply cost curve, 2015–2035
GAS, CLIMATE AND DEVELOPMENT www.e3g.org 16 SUPPLY CHAIN ANALYSIS: MIDSTREAM
Midstream gas infrastructure has lifetimes of Often, the rollout of demand-side measures up to 60 years. Where demand is eroded by (energy efficiency, reducing cooling needs) increasing electrification and efficiency, or better market integration could provide a utilisation rates may decline, and a stranded less risky and more cost-effective pathway to asset risk arises. achieving system stability. This has been modelled in the EU context. Testing against In many countries, midstream infrastructure alternatives is however not what most is part of the regulated asset base and thus MDBs, which consider themselves “project enjoys a “guaranteed return”. This means takers”, do. borrowing costs on capital markets are low and the use of concessional finance in this case does not necessarily make a difference for whether the project comes forward. It could make a difference for consumer bills, but this may be achieved through other measures (e.g. building renovation) altogether.
GAS, CLIMATE AND DEVELOPMENT www.e3g.org 17 SUPPLY CHAIN ANALYSIS: DOWNSTREAM
Costs of renewables Heat networks, heat Electric vehicles are Emerging technologies: A wide range of and batteries for pumps, energy increasingly Hydrogen for high alternative fuels for THE ALTERNATIVES dispatchable power efficiency, electric cost-competitive and temperature heat, and ships are being tested, TO GAS are falling, challenge cooking, and are are mature. solar for fertilizers, are but limited maturity. is grids & regulation. mature. growing in maturity High maturity.
POWER, INC FOR HEATING, COOLING PASSENGER HEAT, FEEDSTOCK SHIPPING AND DESALINATION AND COOKING TRANSPORT AVIATION
Scaling renewables, Electrification of Enabling infrastructure Deploy best available Supply chain efficiency, invest in enabling heat and renewables & fleet electrification, technology where battery systems, fuel system stability (grids, powered cookstoves, particularly inurban available, demand cell systems and sail. local storage, HIGHEST VALUE ADD heating and cooling areas (private/public). reduction and support “Avoid, shift and and interconnectors). efficiency. “Avoid, modal shift to R&D. improve”. FOR PUBLIC FINANCIAL and improve”. INSTITUTIONS
GAS, CLIMATE AND DEVELOPMENT www.e3g.org 18 HYDROGEN AND BIOMETHANE: NOT A SILVER BULLET
Costs of renewables and Fossil gas infrastructure (up-, mid- Global availability of sustainably fossil-based hydrogen are above and downstream) needs to be sourced biomass and renewable those of gas. adapted for hydrogen use. hydrogen is limited.
Cost reduction potentials are large In Europe, only around Availability of renewables-based for renewables-based hydrogen 10-15% of H2 can be blended hydrogen is a direct function of
(H2), with the rate of deployment safely into most parts of the deployment of renewables. of low-cost renewables as a key existing system. Geographically, In addition, impacts on water use factor. existing gas networks do not need to be managed to avoid always connect to supplies of As hydrogen is expected to be exacerbating freshwater scarcity. renewables-based hydrogen. more expensive than gas, demand Estimates suggest that 1kg of H2 for hydrogen may thus be lower Liquefying hydrogen for export will use at least 16l of fresh water. than for gas unless subsidised, the reduces the energy content by This means they are premium latter may put pressure on public around 30% and requires products that should be focused in budgets. significant adaptation of LNG hard-to-electrify sectors. infrastructure.
GAS, CLIMATE AND DEVELOPMENT www.e3g.org 19 HYDROGEN AND BIOMETHANE: NOT A SILVER BULLET CONTINUED
Biomass may be most valuable for “Blue hydrogen”, made from fossil Should a globally traded hydrogen non-energy sectors for replacing gas in combination with carbon market emerge, and fossil fossil fuels in materials production capture and storage, may be a producers switch from exporting (plastics). temporary solution but is not gas to exporting hydrogen, they fully net-zero compatible. This is will continue to suffer from because of methane emissions. similar public revenue swings.
In addition, costs, availability and These will be due to price volatility
permanence of CO2 capture are and domestic inflation caused by very uncertain. foreign currency influx. It is thus hard to evaluate whether deploying blue hydrogen only for temporary use is worth the investment.
GAS, CLIMATE AND DEVELOPMENT www.e3g.org 20 B. GAS INVESTMENTS FACE FINANCIAL RISKS RISKS VARY ACROSS SUPPLY CHAIN AND GEOGRAPHY
Primary transition risks Induced transition risks Industry sub-sectors
Technology Potential Upstream risks financial impacts
Market Networks risks
Policy & Trading regulatory risks
Social & Asset owners reputational risks
Source: Pathway to a Climate Neutral 2050: Financial Risks for Gas Investments in Europe (E3G, 2020)
GAS, CLIMATE AND DEVELOPMENT www.e3g.org 21 SOCIAL AND REPUTATIONAL RISKS
CASE STUDY EXAMPLES Social and reputational risks > Social movements pressing for more climate action reached a new level in 2019, with strikes and protests across European cities – most notably in London where there were Changing consumer Lack of a social licence Public consensus on Climate-related widespread demonstrations and direct behaviour to operate climate action litigation action by Extinction Rebellion.
> Over 40,000 people signed a petition in 2019 for the European Investment Bank to stop funding fossil fuel infrastructure. > South Africa’s Just Transition Transaction plan will likely be a US$11 billion package which, in part, shall support workers who will be left stranded as coal mining and power generation are phase out.
Source: Pathway to a Climate Neutral 2050: Financial Risks for Gas Investments in Europe (E3G, 2020)
GAS, CLIMATE AND DEVELOPMENT www.e3g.org 22 CITIZENS’ VIEWS IN DEVELOPING COUNTRIES: RENEWABLE VS FOSSIL ENERGY
GAS, CLIMATE AND DEVELOPMENT www.e3g.org 23 TECHNOLOGY RISKS
CASE STUDY EXAMPLES Technology risks > Steep falls in production costs mean lithium-ion batteries for some Electric vehicles could reach price-parity with conventional engines in 2024. This is Improved heating, Falling cost of Improved battery Decentralisation of cooling and insulation significant for emission-free vehicles (rather renewables storage capabilities electricity generation than using gas), as well as deployment of solutions better battery storage for decentralised solar generation.
> 45% of projected gas demand growth in the Middle East is driven by desalination, which conventionally is coupled with thermal cogeneration. Increasing introduction of the electricity based “reverse osmosis” process could substantially reduce this growth profile.
Source: Pathway to a Climate Neutral 2050: Financial Risks for Gas Investments in Europe (E3G, 2020)
GAS, CLIMATE AND DEVELOPMENT www.e3g.org 24 POLICY AND REGULATORY RISKS
CASE STUDY EXAMPLES Policy and > Energy regulators in France and Spain regulatory risks refused permission for the construction of the Midi-Catalonia cross-border gas pipeline because it was deemed unnecessary and too Reformulation of High ambition on Increased deployment Carbon tax and/or expensive. Analysis showed the pipeline infrastructure financing energy efficiency of renewables emissions trading would deliver little economic value to either country. > The European Union is considering a Carbon > Rising cooling needs fuel the buildout of Border Adjustment Mechanism as part thermal generation. Refrigerant conversions of its Green Deal, which would see carbon/ driven by the Montreal Protocol have emissions intensive products being taxed already catalysed significant improvements or having to meet emissions standards. in the energy efficiency of up to 60% in The EU is one of the most significant some subsectors, eroding electricity importers of gas worldwide. demand growth.
Source: Pathway to a Climate Neutral 2050: Financial Risks for Gas Investments in Europe (E3G, 2020)
GAS, CLIMATE AND DEVELOPMENT www.e3g.org 25 C. THE ROLE OF GAS IN DEVELOPMENT
> Price declines in renewables > IEA estimates show that the Construction and manufacturing jobs created per million dollars of capital have transformed energy job potential in clean investment and spending by measure Source: IEA, 2020 options in the past decade. industries such as solar, energy Energy costs are set to shift efficiency and urban transport again in the coming infrastructure outstrips that of decade, creating wide- conventional power reaching financial risks for gas generation. PFIs can support investments – upstream, local development by choosing midstream, and downstream. high job potential interventions and combining them with > From a development adequate skills and training perspective, this may lead to programmes in country. negative impacts from fossil- based power generation assets becoming stranded before end- of-life, with potential ramifications for government revenue, local employment, taxpayers and utility ratepayers.
GAS, CLIMATE AND DEVELOPMENT www.e3g.org 26 C. THE ROLE OF GAS IN DEVELOPMENT CONTINUED
> While health concerns related > For fossil fuel-exporting to cooking, e.g. with wood countries, low demand of fuel stoves, need to be addressed sources, in combination with urgently, the health impacts of policy pressure to reduce GHG gas in cooking are only being emissions, would increase the fully understood and suggest urgency to diversify exports that gas may have more away from fossil fuels toward negative impacts than cleaner energy forms. previously thought. > For mineral-rich developing countries, the abatement of emissions from this sector could contribute significantly to overall emissions reductions.
GAS, CLIMATE AND DEVELOPMENT www.e3g.org 27 THE 4 TIPPING POINTS FOR RENEWABLE ENERGY
LCOE is the levelised cost of energy, which allows comparison of different methods of electricity on consistent basis.
Source: Carbon Tracker
GAS, CLIMATE AND DEVELOPMENT www.e3g.org 28 RENEWABLES WILL BECOME CHEAPER THAN EXISTING COAL AND GAS IN MOST REGIONS BEFORE 2030
> By 2030, new renewable capacity will outcompete existing fossil fuel generations on energy cost in most countries.
> The majority of countries will reach this tipping point in the next 5 years. > The US Northwest is the exception to this with tipping points post-2035, driven by relatively low fossil fuel prices as well as low solar potential.
> A tipping point represents a year when new renewables become cheaper than existing fossil fuel plants.
Source: McKinsey (2019)
GAS, CLIMATE AND DEVELOPMENT www.e3g.org 29 EXPORT-LED DEVELOPMENT BASED ON GAS CAN BECOME A HIGH-RISK PATH: EXAMPLE MOZAMBIQUE
> The export revenue in Mozambique based > In the meantime, in anticipation of the on gas may double government revenue. resource revenues, economic volatility, But the revenue projections are dependent price inflation and violent conflict are on a volatile global gas price, may not accrue already intensifying. before the 2030s and may be flattened by a faster global uptake of low carbon solutions (see graphs below).
Source: McKinsey (2019) Source: Republic of Mozambique (2018), Projected government revenues from gas projects
GAS, CLIMATE AND DEVELOPMENT www.e3g.org 30 D. SUMMARY OF CROSS-CUTTING ISSUES
Macro-economic risks from gas > Price volatility can potentially Demand-side risks to gas projects Global modelling with respect to dependence are often cause national budget deficit. are often underestimated. gas consumption does not provide underestimated. In turn, this could lead to a a solid reference point for risk- > Modelling of optimal energy failure in meeting existing based analysis (e.g. the IEA WEO). > For some countries, gas imports systems is often very supply obligations e.g. salaries and can become a strain on public side-focused. pensions. budgets if import prices exceed > Risks of declining utilisation local ability to pay, and > Decreased export revenues often not built into cost-benefit subsidies become necessary. impact overall trade balances analysis. which would exert downward > If renewables start undercutting pressure on local currencies. > MDBs tend not to evaluate existing gas power plants, As a result, foreign exchange alternatives across the energy utilities, underwritten by public reserves gets used to maintain system as they consider funds, could suffer a similar currency stability. themselves “project takers”. shock as Eskom in South Africa as a result of coal over- investment.
GAS, CLIMATE AND DEVELOPMENT www.e3g.org 31 4 RECOMMENDATIONS FOR PUBLIC FINANCIAL INSTITUTIONS (PFIS) MDB OFFICIAL POLICIES ON GAS
MDB Policy Policy Date
EIB Full value chain excluded from end 2021 with exceptions: (1) projects on 4th PCI list; (2) 250g CO2/kWh lifetime November 2019 average; (3) networks with plans for low-carbon; (4) small boilers for buildings and SMEs.
World Bank Upstream gas excluded, but exemptions by economic status: upstream in the “poorest countries”. Exclusion does not 2017 Group apply to technical assistance.
EBRD No exclusions: projects must (1) not displace less carbon-intensive source or lead to carbon lock-in or stranded assets, December 2018 (2) be subject to shadow carbon price and other externality costs, and (3) be consistent with NDCs and the Bank’s Environmental and Social Policy.
AfDB Upstream gas excluded 2011
ADB Upstream gas excluded 2009
AIIB Upstream gas projects recognised as “higher risk” and needs “thorough assessment”. Gas “part of transition”. 2017
IDB Upstream gas excluded with exemptions: if projects demonstrate a clear benefit in terms of energy access for the poor September 2020 and where GHG emissions are minimized, consistent with national goals on climate change, and risks of stranded assets are analyzed.
IsDB Upstream gas excluded from IsDB green finance November 2019
GAS, CLIMATE AND DEVELOPMENT www.e3g.org 33 EXAMPLE DFI POLICIES ON GAS
DFI Policy Policy date
AFD Conditions: Gas power generation in Least Developed Countries and fragile states; gas for domestic cooking and heating 2019 in Africa and Asia; gas hybrid mini-grids and energy intensive industries.
FMO Upstream gas excluded. No specific guidance on other types of investments (downstream and power plants). End of 2020 Consultation ongoing.
Nordic Unclear – LNG investments included based on anecdotal evidence. N/A Investment Bank
CDC (UK) Upstream gas exclusion. Pursue gas midstream projects if they fulfil the requirements of CDC's emerging guidance tool July 2020 to demonstrate alignment with countries’ pathways to net zero emissions by 2050.
KfW No exclusions. Gas considered important for energy transition and security of supply. July 2017
GAS, CLIMATE AND DEVELOPMENT www.e3g.org 34 SUMMARY RECOMMENDATIONS FOR PARIS ALIGNMENT OF PFIs INVESTMENTS 1
Expansion of gas demand in the PFIs should cease to invest in gas b. evaluate the risk of long term is not compatible with altogether and instead focus on asset-stranding or future a 1.5°degree pathway. Many parts enabling alternative, “best-of-a- unprofitability given of the supply chain are also kind” solutions to come forward. technological and regulatory exposed to significant financial risk Any exemptions should be risks and governed by clear decision-trees or come with development or c. showcase computability with and Emissions Performance social disbenefits. For many parts the Paris Agreement. of the gas value chain this means Standards that can respond it is hard to make a case that gas to evolving technologies, science Decommissioning of gas use is Paris-aligned or supports and local context, e.g. require infrastructure or “early retirement economic development – this proposed gas projects to: and replacement” projects may be added to the exemptions if they includes upstream, most a. demonstrate why the identified accelerate the phaseout. midstream, and end uses such development could not be met as power generation and heating by net-zero energy technologies in buildings.
GAS, CLIMATE AND DEVELOPMENT www.e3g.org 35 SUMMARY RECOMMENDATIONS FOR PARIS ALIGNMENT OF PFIs INVESTMENTS CONTINUED 2 3 4
Develop capacity to adopt Improve methodologies on Pursue hydrogen and biogas as “whole system” approaches to greenhouse gas footprint niche, premium solutions and not energy investments/plans, that assessments. a “silver bullet”. In many sectors examine proposed investments there are better alternatives to 1. Assess carbon footprints in in gas against alternative solutions pursue, and here, rather than relation to wider ranges of across the energy system “H readiness” assessment for alternatives. 2 (e.g. demand-side measures, future-proofing, the focus should electricity interconnectors, 2. Incorporate lifecycle methane be on alternatives. In terms of renewable options, storage, emissions into foot printing and sectors with less alternatives efficiency, electrification of shadow carbon pricing. (e.g. industry), public finance heat etc) in line with the Paris could focus on best-in-kind Agreement. 3. Stress test against different solutions (e.g. for hydrogen and global warming potential ammonia). values.
GAS, CLIMATE AND DEVELOPMENT www.e3g.org 36 FURTHER READING
More security, lower cost: Renewable and decarbonised gas: Pathway to a Climate Neutral A smarter approach to gas Options for a zero-emissions 2050: Financial Risks for Gas infrastructure in Europe society (E3G, 2018) Investments in Europe (E3G, 2020) (E3G, 2016)
GAS, CLIMATE AND DEVELOPMENT www.e3g.org 37 ACKNOWLEDGEMENTS ABOUT E3G
This project has received funding E3G is an independent climate from the European Commission change think tank accelerating the through a LIFE grant. The content transition to a climate-safe world. of this report reflects only the authors’ views. The Commission E3G builds cross-sectoral is not responsible for any use that coalitions to achieve carefully may be made of the information defined outcomes, chosen for it contains. their capacity to leverage change. E3G works closely with like-minded partners in government, politics, business, civil society, science, the media, public interest foundations and elsewhere.
More information is available at www.e3g.org
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