Stop Funding Fossils Archives - Oil Change International

Banking on Climate Change 2020: Fossil Fuel Finance Report Card

March 18, 2020By OCI TeamReports, Stop Funding Fossils No Comments

A new report, Banking on Climate Change 2020, reveals that 35 private-sector banks across Canada, China, Europe, Japan, and the U.S. have financed fossil fuels with USD $2.7 trillion since the Paris Agreement was adopted (2016-2019), with financing on the rise each year.

The report finds that fossil fuel financing continues to be dominated by the big U.S. banks – JPMorgan Chase, Wells Fargo, Citi, and Bank of America – together, these four banks account for a staggering 30% of all fossil fuel financing from the 35 major global banks since the Paris Agreement was adopted.

Report: G20 Nations Throwing Billions at Fossil Fuel Industry through Export Credit Agencies

January 30, 2020By Bronwen TuckerPress Releases, Stop Funding Fossils

A network of secretive, government-backed financial institutions called export credit agencies are handing more than $31 billion USD per year to the oil, gas, and coal industry, new analysis by Oil Change International and Friends of the Earth U.S. shows.

Adding Fuel to the Fire: Export Credit Agencies and Fossil Fuel Finance

January 30, 2020By OCI TeamReports, Stop Funding Fossils

This report from Oil Change International and Friends of the Earth U.S. shows that since the Paris Agreement was made, G20 countries have used their export credit agencies to provide nearly 12 times more finance to fossil fuels than to clean energy.

IEA scenarios may not stand the test of climate litigation: Dutch Supreme Court ruling (Shell should pay attention)

January 22, 2020By Hannah McKinnonBlog Post, Energy Transitions & Futures, Featured, News, Stop Funding Fossils

By Laurie van der Burg As the climate crisis wreaks havoc across the globe and we enter a decade that will make or break our ability to limit warming to 1.5°C, Big Oil continues to use the International Energy Agency’s (IEA) dangerous scenarios to justify major new investments in oil and gas, including in court. … Read More

British Columbia is trying to fuel an LNG boom with billions in industry handouts

December 21, 2019By Bronwen TuckerBlog Post, Stop Funding Fossils 5 Comments

The Canadian province of British Columbia (BC) is shaping up to be one of the worst actors in the global dash for gas, facilitating Indigenous rights violations and climate chaos while they try to stake out a reputation as progressive leaders on both.

Canada to Trudeau: We expect more on climate

October 22, 2019By Nathan LemphersBlog Post, Energy Transitions & Futures, Stop Funding Fossils 1 Comment

Yesterday, millions of Canadians headed to the polls and knocked the Liberals’ majority government down to minority status. This was a clear signal to Prime Minister Justin Trudeau and his party that voters expect more and better action from a Liberal government to confront the climate crisis.

Briefing: Why Congress Must Stop Blocking Climate Progress on International Finance

August 15, 2019By Collin ReesBriefings, Stop Funding Fossils, Stopping Carbon Lock-In

There is an urgent need to ensure that anti-climate riders stay out of appropriations packages for Fiscal Year 2020 as Congress and the Trump Administration continue to negotiate a spending package.

One year to the Tokyo Olympics… and an end to Japan’s coal finance?

August 15, 2019By Susanne WongBlog Post, Stop Funding Fossils

Next summer’s Olympic Games are at risk due to heatwaves and there’s one story Japan likely doesn’t want out there: the fact that it’s currently one of the world’s biggest supporters of coal.

G20 Coal Subsidies: Tracking Government Support to a Fading Industry

June 24, 2019By OCI TeamReports, Stop Funding Fossils

G20 governments continue to provide billions of dollars for the production and consumption of fossil fuels. This report finds that they provide at least USD $63.9 billion per year in government support to the production and consumption of coal alone, with almost three-quarters of the support identified being directed to coal-fired power production.

EU’s lending arm wants more pipelines and the Paris Agreement – it can’t have both

June 18, 2019By Bronwen TuckerBlog Post, Fossil Gas, Stop Funding Fossils

The European Investment Bank (EIB) is the world’s largest multilateral lender, bigger even than the World Bank. As a public bank, it’s tasked with providing finance in the EU public interest, and it has an outsized influence on the EU’s energy system because of the private investment it can “crowd in” and the sheer amount of money it has at its disposal.