Fracking Fiasco: New report names Wells Fargo and JPMorgan Chase as main players funding U.S. shale bust

September 24, 2020By OCI TeamFeatured, Press Releases, Stopping Carbon Lock-In No Comments

A new report by Oil Change International and Rainforest Action Network (RAN) shows how major banks have continued pouring money into fracking companies in recent years despite numerous warnings that the sector was financially unsustainable — on top of the well-documented environmental, health and climate impacts of the industry.

Rebecca Solnit: This is a crossroads

September 21, 2020By OCI TeamBlog Post No Comments

This is a crossroads. The fires, the floods, the heat, the melting tell us how urgent it is. But the financial and industry news tells us that urgency has somewhere to go: to push harder to defang and dismantle the fossil fuel industry, and to protect communities along the way.

Export Development Canada’s Role in Bailing Out the Oil and Gas Sector

July 22, 2020By OCI TeamBriefings, Stop Funding Fossils

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.

Distributed Funds for Distributed Renewable Energy: Ensuring African Energy Access Finance Reaches Local Actors

July 21, 2020By OCI TeamBriefings, Featured, Stopping Carbon Lock-In 1 Comment

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 can fulfill this responsibility, while revealing that from 2016 to 2018, fossil fuels received more than 3.5 times the support than all kinds of renewable energy did during this period.