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Despite the need to rapidly wind-down fossil fuels to avert the worst of the climate crisis, governments worldwide continue to prop up fossil fuel production with huge sums of public money. They may be breaking international law.
A new legal opinion lays out the international law obligations of ECAs that are responsible for tens of billions of dollars per year in support for fossil fuels.
A new analysis shows the Asian Development Bank has spent $4.7 billion financing gas projects in the region. This undermines its stated commitments on climate and efforts to achieve a “prosperous, inclusive, resilient, and sustainable Asia and the Pacific.”
"California is the highest-producing jurisdiction in the world so far to commit to a phase-out of oil extraction, and other major producers need to join the state in committing to move beyond oil and gas," said Collin Rees of Oil Change International.
REPORTS & BRIEFINGS
This new legal opinion finds that export credit agencies could be in violation of their international legal obligations if they do not take action to reduce their financing of fossil fuel-related activities imminently.
This new analysis finds the ADB has spent over $4.7 billion on gas since the adoption of the Paris Agreement. Plans to expand gas infrastructure in Asia pose one of the greatest threats to meeting the goals of the Paris Agreement and averting the most catastrophic impacts of the climate crisis.
A detailed analysis by Oil Change International of the public statements and commitments by the American Petroleum Institute (API) around methane emissions and climate change has uncovered a decade of spurious data, deceptive messaging, and disingenuous public positioning by the big oil spin doctors.
This report analyzes fossil fuel financing from the world’s 60 largest commercial and investment banks — aggregating their leading roles in lending and underwriting of debt and equity issuances — and reveals that these banks poured a total of USD $3.8 trillion into fossil fuels from 2016–2020.