Today sees the release of the data on project financing from the nine major Multilateral Development Banks on the Energy Policy Tracker and a new Big Shift Global briefing, showing that, since the beginning of the pandemic, the Banks provided at least $12 billion to clean energy and $3 billion for fossil fuels.
As Export Development Canada (EDC) undergoes a climate change policy review, 53 civil society organizations sent a letter with a call to action to the federal crown corporation and Minister of Trade Mary Ng.
Despite repeated pledges to end inefficient fossil fuel subsidies, G20 governments’ support to fossil fuels has dropped by only 9% since 2014–2016, hitting USD 584 billion annually over the last three years, according to a report released today by the International Institute for Sustainable Development (IISD), the Overseas Development Institute (ODI), and Oil Change International (OCI).
Poor transparency from DBSA, IDC, and ECIC means support for oil, gas, and coal likely higher than the ZAR 2.2 billion a year on record
With the health and livelihoods of billions at risk from COVID-19, governments around the world are preparing historic levels of stimulus finance. Building a Just Recovery that avoids the worst of climate change means overhauling our public finance institutions fast.
That today’s announcement does not include most of the industry’s wish list is credit to massive public outcry.
The new measures allow for an unlimited amount of public finance to flow to Canada’s oil and gas sector at the sole discretion of the Minister of Finance.
A network of secretive, government-backed financial institutions called export credit agencies are handing more than $31 billion USD per year to the oil, gas, and coal industry, new analysis by Oil Change International and Friends of the Earth U.S. shows.
The Canadian province of British Columbia (BC) is shaping up to be one of the worst actors in the global dash for gas, facilitating Indigenous rights violations and climate chaos while they try to stake out a reputation as progressive leaders on both.
Last week we released a report outlining why Denmark can’t be a climate leader if it expands North Sea oil and gas production as planned.