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New report updates analysis of public financing for energy projects ahead of expected joint announcement to end these flows at COP26.
Just days before COP26, Australia's long-awaited climate plan has been slammed by civil society, scientists and opposition politicians as void of substance and full of spin.
Today the OECD Export Credit Group announced new restrictions on its support for overseas coal projects. The restrictions do not address export finance for coal mines and related infrastructure, nor oil and gas financing even if the latest IEA report shows that investments in new fossil fuel production need to end this year to limit warming to 1.5°C.
"Arriving at COP26 with a climate risk plan that doesn’t adequately address financial institutions' funding of fossil fuels means the Biden Administration risks forfeiting its chance at climate leadership," said Rees.
REPORTS & BRIEFINGS
Our new report “Past Last Call: G20 public finance institutions are still bankrolling fossil fuels” looks at G20 country and MDB public finance for fossil fuels from 2018-2020 for the first time and finds they are still backing at least USD 63 billion per year in oil, gas, and coal projects.
In this six-part series, we explore the ongoing oil, gas, and petrochemical boom in the Permian Basin and Gulf Coast. It is a story of runaway toxic infrastructure, environmental injustice, and climate overshoot.
The Sky’s Limit Africa assesses fossil fuel industry plans to sink USD $230 billion into the development of new extraction projects in Africa in the next decade — and USD $1.4 trillion by 2050. It finds these projects are not compatible with a safe climate future and that they are at risk of becoming stranded assets that leave behind unfunded clean-up, shortfalls of government revenue, and overnight job losses.
Stopping these fossil fuel projects would prevent a drastic increase in GHG pollution at a time when it is imperative to decrease emissions to meet domestic and international climate goals, including the Paris Agreement that President Biden rejoined.