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.
Despite moderate progress in the 2017 budget, Canada remains the largest provider of fiscal support to oil and gas production in the G7 relative to the size of its economy.
Today, Norway announced plans to divest from roughly 150 companies engaged in oil and gas exploration and production. Our response.
“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.”
Program Director Alex Doukas said, “David Malpass is a dreadful nominee for the World Bank President. Malpass was Chief Economist of Bear Stearns as the company led the economy off the cliff into a global financial crisis. That tells you all you need to know about David Malpass’ ability as an economic steward.”
The U.S. oil and gas industry has the potential to unleash the largest burst of new carbon emissions in the world through 2050, new research released today has found.
“Under President Kim, the World Bank Group demonstrated a degree of climate leadership by announcing an end to financing for oil and gas extraction, and by starting to tighten its rules on lending to private banks who then invest that money in fossil fuels. The World Bank Group still has a long way to go on climate action, and Kim’s departure should not put a stop to this recent progress.”
“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.
A new report released today reveals the disconnect between Canada’s promises on climate change and the actions of its official export credit agency, Export Development Canada (EDC), in propping up the oil and gas industry through government-backed (public) finance.