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Today, alongside its second-quarter results, BP announced that it will cut oil and gas extraction — excluding its major share in Russian oil giant Rosneft — by 40% by 2030.
In a letter to the Federal Reserve, 69 organizations called on the Fed to stop purchasing corporate debt from the fossil fuel sector through its COVID-19 emergency facilities.
As we have been repeatedly saying for months, we are witnessing the end of the oil age. Even once great giants are now crumbling at their core.
Divesting from fossil fuels and ending environmental racism goes hand-in-hand with defunding the police in the fight for racial justice and reinvestment in Black and Brown communities.
REPORTS & BRIEFINGS
Canada’s export bank, Export Development Canada (EDC), already provides on average nearly fourteen billion dollars in support to oil and gas companies each year. As a result, Canada ranks second highest among G20 countries in public finance for fossil fuels. Now the federal government is using EDC to channel even more support to the oil and gas sector, which has been intensely lobbying the government for a bailout package of up to $30 billion.
Communities in Africa have generally contributed the least to climate change, been undermined the most by international trade and finance policies, and have a right to better international support for distributed renewable energy. In order to reach universal energy access before the 2030 target set by the UN Sustainable Development Goals, international public finance institutions have an urgent responsibility to provide more funding and better financial transparency and tracking for distributed renewable energy. Additionally, they have a responsibility to foster local participation in and ownership of distributed renewable energy initiatives. This briefing provides recommendations for how international public finance institutions
Amidst a climate crisis and global pandemic, it's essential that countries develop public finance packages that phase out fossil fuel production and invest in a just, green transition toward renewable energy that benefits communities and industry workers. While the Netherlands has committed to redirect financial flows from fossil fuels to climate action, this report reveals that the Dutch Government continues to provide billions — at least €8.3 billion per year — in taxpayer backed support for the production and use of fossil fuels.
As COVID-19 and other factors force an unmanaged decline of oil and gas, a new peer-reviewed study outlines how policymakers can plan for a better future, with an equitable phase-out of fossil fuels.