Over the past decade, nearly 90% of the U.S. Export-Import Bank’s total finance for energy projects has flowed to projects in oil, gas, and coal. As momentum grows for climate solutions in the U.S. and abroad, there is an urgent need for a ban on fossil fuel financing at ExIm.
Minnesotans and allies gathered at Minnesota Gov. Tim Walz’s office to urge him to stop Enbridge’s Line 3 tar sands pipeline with 17,000+ petitions from nearly 500 Minnesota towns, cities, and municipalities.
We know that people power can stop dangerous fossil fuel projects like the proposed Line 3 tar sands oil pipeline in Minnesota, because we’ve proved it over and over again – and recently we’ve had two more big wins.
A new briefing for Dominion Energy investors by Oil Change International & Friends of the Earth U.S. breaks down some of the major challenges to the completion of the Atlantic Coast Pipeline, which faces significant financial, legal, and regulatory hurdles.
A report released today endorsed by over 160 organizations around the world reveals that 33 global banks have provided $1.9 trillion to fossil fuel companies since the adoption of the Paris climate accord.
“Energy Transfer’s projects across Pennsylvania and the country continue to trample Indigenous rights, endanger communities, land, and water, and wreck the climate,” said Collin Rees of Oil Change International. “Until these projects are shut down permanently, that’s not going to change.”
“If MDBs follow through on this commitment, we would expect the EBRD’s brand-new strategy to be obsolete within a year, given what will be required to truly align with the Paris Agreement ambition to limit warming to 1.5°C,” said Alex Doukas, Program Director at Oil Change International.
The World Bank Group released new climate targets for 2021-2025, aiming to provide and mobilize $200 billion in support of countries’ climate action. Members of the Big Shift Global coalition react to this announcement.
In a sign of things to come, the number of Congress members who’ve signed the No Fossil Fuel Money Pledge has now more than doubled. Over 30 Members of Congress have now pledged to reject all contributions from the oil, gas, and coal industries, with some races still to be called that could increase that number even further.
“This is an important step by the IFC to redirect its investment to align with the Paris Agreement on climate change, and other financial institutions should sit up and pay attention,” said Alex Doukas of Oil Change International