The Asian Development Bank issued its draft energy policy on Friday following the conclusion of its 54th Annual Meeting and clarion calls from the United Nations to end financing for all fossil fuels including gas. This first draft has ruled out financing for coal but allows for continued gas finance which dominates the ADBâs fossil fuel lending.
Press Releases
Export credit agencies and states potentially at risk of climate litigation over finance for fossil fuels
A new legal opinion lays out the international law obligations of ECAs that are responsible for tens of billions of dollars per year in support for fossil fuels.
New analysis shows ADB has spent $4.7 billion financing gas
A new analysis shows the Asian Development Bank has spent $4.7 billion financing gas projects in the region. This undermines its stated commitments on climate and efforts to achieve a âprosperous, inclusive, resilient, and sustainable Asia and the Pacific.â
California becomes largest oil producer in world to commit to total oil phaseout, ban fracking â but not soon enough
“California is the highest-producing jurisdiction in the world so far to commit to a phase-out of oil extraction, and other major producers need to join the state in committing to move beyond oil and gas,” said Collin Rees of Oil Change International.
Oil Change International response to Biden Administration announcements on international finance
“Todayâs announcement by President Biden on international fossil finance is welcome but the lack of firm commitments falls short. We urge the Biden administration to add a clear commitment to an immediate phase-out, with no loopholes for gas or any other continued fossil support.”
Oil Change International reacts to initial Climate Summit statements
True climate leadership requires a full reckoning with the realities of whatâs driving our climate crisis: fossil fuels. Without a robust plan from rich countries in particular to ramp down fossil fuel production and ramp up support for communities for a just transition to a renewable energy economy, any conversation about âclimate leadershipâ is incomplete at best, or misleading at worst.
CSOs say newly launched export finance leadership coalition (E3F) fails to lead
In response to the launch of a new Export Finance for the Future coalition (E3F), 21 CSOs from 14 countries released a statement criticizing the lack of ambition from the coalition.
Oil Change Response to newly launched Export Finance for Future (E3F) coalition
This new coalition will coordinate actions between nations leading the charge on eliminating public finance for fossil fuels, and will build momentum to provide political guidance in future multilateral negotiations.
Thousands take action to keep fossil fuels in the ground, demand Biden Build Back Fossil Free
Last week, the #BuildBackFossilFree coalition held a week of action across the country escalating the demand for President Joe Biden to be a real Climate President and directly confront environmental racism and fossil fuel companies fueling the climate crisis.
At Net Zero Summit, IEA receives clear call to put 1.5°C at heart of the WEO
At todayâs IEA-COP26 Net Zero Summit, International Energy Agency director Dr. Fatih Birol again asserted that his agency âwill provide a roadmap for the world to be in line with 1.5 degrees Celsius,â yet stopped short of saying it will be central in the upcoming WEO.