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In response to the launch of a new Export Finance for the Future coalition (E3F), 21 CSOs from 14 countries released a statement criticizing the lack of ambition from the coalition.
This new coalition will coordinate actions between nations leading the charge on eliminating public finance for fossil fuels, and will build momentum to provide political guidance in future multilateral negotiations.
At today’s IEA-COP26 Net Zero Summit, International Energy Agency director Dr. Fatih Birol again asserted that his agency “will provide a roadmap for the world to be in line with 1.5 degrees Celsius,” yet stopped short of saying it will be central in the upcoming WEO.
Nearly 150 organizations sent a letter urging Special Presidential Envoy for Climate John Kerry to use his powers to end the flow of finance from Wall Street to the industries driving climate change.
REPORTS & BRIEFINGS
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.
The IEA has a crucial opportunity in 2021 to guide the world towards 1.5°C-aligned energy investment. We outline crucial steps the IEA must take to get on track.
A new report by Oil Change International on the Mountain Valley Pipeline (MVP) reveals that banks have continued pouring money into the project over recent years, despite numerous warnings that the project has been financially unsustainable and a threat to the climate.
This analysis, an update to our 2017 report, reveals that the estimated cost of the Mountain Valley Pipeline has nearly doubled since 2017, increasing the potential project cost from USD 3.5 billion to between $6.3 and $6.5 billion.
In this new report we consider recovery commitments and pre-pandemic policies to rank G20 countries' progress in phasing out support to fossil fuels. We find at least USD 584 billion per year between 2017 and 2019 in public support for fossil fuels from G20 governments.