Finance in Common Summits misses opportunity to end fossil fuel finance, but there is a way forward, say CSOs

November 12, 2020By LaurieFeatured, News, Press Releases No Comments

Today development banks signed a joint declaration at the first global summit of development banks, Finance in Common. Before the summit, the UN Secretary General, youth climate activists, and over 300 civil society organisations all urged development banks to act to end fossil fuel investments. However, the joint declaration only includes a vague commitment to “consider” ways to reduce fossil fuel investments.

G20 Backtracks on Fossil Fuel Funding Phase-Out in COVID-19 Recovery

November 9, 2020By Bronwen TuckerNews, Press Releases, Stop Funding Fossils No Comments

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).

European Development Finance Institutions fall short on climate ambition by allowing continued financing for fossil gas

November 5, 2020By LaurieFeatured, News, Press Releases, Statement, Stop Funding Fossils No Comments

European Development Finance Institutions fall short on climate ambition by allowing continued financing for fossil gasToday, one week ahead of the Finance in Common Summit, the Association of European Development Finance Institutions (EDFI) announced joint ambitions for climate action. The institutions commit to full Paris alignment by 2022 and to end coal and fuel oil financing. For gas finance, they commit to “generally exclude [such finance] by 2030 at the latest”, but leave the room open to gas financing beyond 2030 in certain cases. 

Statement: France fails to show climate leadership with proposed export finance policy

October 12, 2020By LaurieFeatured, News, Press Releases, Stop Funding Fossils, Stopping Carbon Lock-In, Subsidy Spotlight

Today, the French government outlined new measures aimed at greening the country’s export credit support policy. Under the proposed new policy, France will continue supporting fossil fuel projects worldwide until at least 2035. OCI urges the French government to reconsider this end date as it is grossly misaligned with the Paris Agreement.

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

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.