To have any hope of meeting globally-agreed climate goals, global financial flows must rapidly align with low-emission, climate-resilient development, and government-backed public finance institutions like the World Bank must signal this transition.
Author: Alex Doukas
Germany’s Fossil Fuel Subsidies Self Review Makes Mockery of Paris Climate Agreement
Today, Germany quietly released the ‘German Report on the Phasing-Out of Inefficient Fossil Fuel Subsidies,’ the country’s self-review as part of the G20 fossil fuel subsidies peer review process. Despite Germany’s rising fossil fuel subsidies, the review states that Germany plans to end only two subsidies, and claims that none of the other fossil fuel subsidies are ‘inefficient,’ supposedly putting them outside the G20 subsidies phase-out pledge.
Financing Climate Disaster: How Export Credit Agencies Are a Boon for Oil and Gas
The U.S. Export-Import Bank (USEXIM) is the third-largest supporter of fossil fuels among all G20 countries, according to a new report out today from Oil Change International, Friends of the Earth U.S., and WWF’s European Policy Office.
U.S. export credit agency spends nearly $6 billion to finance fossil fuel projects abroad
The U.S. Export-Import Bank (USEXIM) is the third-largest supporter of fossil fuels among all G20 countries, according to a new report out today from Oil Change International, Friends of the Earth U.S., and WWF’s European Policy Office.
Cross Purposes: After Paris, Multilateral Development Banks Still Funding Billions in Fossil Fuels
A new report shows how multilateral development banks, including the World Bank, gave over $9 billion in funding for fossil fuel projects in 2016, nearly all of it following the Paris Agreement being reached and despite claims that they were acting on climate and adjusting their investment strategies.
Briefings: Multilateral Development Banks Continue to Fund Billions in Fossil Fuel Projects Despite Paris Agreement
New briefings show that while some banks are making good progress, many are still financing billions of dollars in fossil fuel projects despite mounting climate impacts and global commitments like the Paris Agreement.
Statement: G20 leaders shame Trump, but fail to end fossil fuel subsidies
FOR IMMEDIATE RELEASE July 8, 2017 CONTACT: Alex Doukas, alex [at] priceofoil [dot] org Stephen Kretzmann, steve [at] priceofoil [dot] org In response to the language in the G20 Leaders’ Communique from the 2017 summit in Hamburg, which fails to establish a deadline for the phase out of fossil fuel subsidies, Oil Change International … Read More
To really hit Trump on climate change, other G20 leaders must end fossil fuel handouts
A Trump vs. the world showdown is brewing at this year’s G20 leaders’ summit, July 7 and 8 in Hamburg, Germany. After pulling the United States out of the Paris Agreement, Trump’s climate denial will likely take a beating from other G20 governments, who nearly all say they support strong climate action. An ugly diplomatic … Read More
Talk is Cheap: How G20 Governments are Financing Climate Disaster
Each year, G20 countries provide nearly four times more public finance to fossil fuels than to clean energy. In total, public fossil fuel financing from G20 countries averaged some $71.8 billion per year, for a total of $215.3 billion in sweetheart deals for oil, gas, and coal over the 2013-2015 timeframe covered by the report. Fifty percent of all G20 public finance for energy supported oil and gas production alone.
RELEASE: Oil Change International responds to G7 failure on fossil fuel subsidies, G6 recommitment to Paris Agreement
FOR IMMEDIATE RELEASE May 27, 2017 CONTACT: Alex Doukas, alex [AT] priceofoil.org Reaction: G7 leaders cave in the face of fossil fuel cronyism, fail to recommit to ending fossil fuel subsidies by 2025 In response to the G7 Leaders’ Communiqué released today, where world leaders failed to reaffirm their commitment to phase out fossil fuel subsidies … Read More