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.
Press Releases
New report: Korea’s international coal finance will cause up to 27 trillion KRW in health and climate damages annually
A new analysis finds that overseas coal-fired power plants supported by Korea’s public finance institutions could cause as much as 27 trillion KRW (nearly USD 25 billion) in annual damage to people’s health and the climate.
Oil Change International Responds to International Energy Agency’s 2018 World Energy Outlook
In response to the International Energy Agency’s (IEA) 2018 World Energy Outlook (WEO), Greg Muttitt, Research Director at Oil Change International, said: “We need the world’s foremost energy modellers to model global success in meeting our climate goals, yet this year’s WEO again emphasizes a business-as-usual pathway to climate failure.”
New Report: African Development Bank Falls Short on Clean Energy Access
As the African Development Bank (AfDB) kicks off its first-ever Africa Investment Forum in South Africa, a new report finds that the AfDB’s own support for the most cost-effective energy access solutions lags far behind what is needed – in contrast to its world-leading pledge to scale up energy access on the continent.
New Report: MDBs Continue to Shortchange Crucial Energy Access Solutions
While the MDBs endorsed the Sustainable Development Goals, this new report shows that from 2014 through 2017, MDBs directed just 2% of their energy finance toward the off-grid and mini-grid energy solutions.
Civil Society Welcomes IFC’s Moves to Exclude Coal in Its Financial Intermediary Lending
“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
Oil Change International Responds to EBRD Release of Draft Energy Sector Strategy
Yesterday, the European Bank for Reconstruction and Development (EBRD) released a revised draft of its energy sector strategy. The draft of the new strategy is due to be finalized by the end of 2018, and will have bearing on billions of dollars in public finance for energy.
Big Shift Global reaction to World Bank battery storage announcement
“While this new commitment is an important step forward, it’s not enough. Millions of people are currently being left behind when it comes to accessing clean, affordable energy. The World Bank must commit to significantly scaling up its finance to support energy access for those without it, particularly for distributed renewable energy solutions.”
Statement on the G7 Energy Ministers’ Reaffirmed Commitment to Phase Out Fossil Fuel Subsidies
“G7 countries must turn words into action and develop a detailed roadmap for phasing out fossil fuel subsidies by 2025. For Canada, this responsibility ultimately lies with Environment and Clean Growth Minister Catherine McKenna and Finance Minister Bill Morneau,” said experts from the #StopFundingFossils coalition.
Oil Change International responds to court’s quashing of Trans Mountain’s approval
“De facto halting this dangerous project keeps open the only credible path for Canada to live up to its obligation to fight climate change. Building new, long-lived pipelines in support of ever-growing oil production and export is wholly incompatible with the rapid transition away from fossil fuels required.”