New analysis by Oil Change International shows that OECD countries supported fossil fuel exports by an average of $41 billion from 2018 to 2020, almost five times more than clean energy exports. This directly contradicts internationally agreed climate goals, including the Paris Agreement objective to align financial flows with the low-carbon energy transition.
Stop Funding Fossils
Changing the Trade Winds: Aligning OECD Export Finance for energy with climate goals
New research shows that Organisation for Economic Co-operation and Development (OECD) countries supported fossil fuel exports by an average of USD 41 billion from 2018-2020, almost five times more than clean energy exports ($8.5 billion).
G7 leaders risk dangerous backsliding on fossil gas investments at upcoming G7 Summit
“Prime Minister Kishida is using Japan’s G7 presidency to benefit Japanese corporate interests over the health and security of people and our planet,” said Susanne Wong.
Briefing: G7 countries can shift billions into clean energy if they strengthen their commitment to end international fossil finance
The new briefing provides preliminary energy finance data for 2022 and shows that not only investments in new fossil fuel infrastructure are incompatible with meeting climate goals, but also that they are not needed for energy security and development goals.
Climate Expectations for World Bank Group Spring Meetings
“The World Bank cannot be effective on climate action until it stops adding fuel to the fire. We’ll be looking to shareholders and Bank leadership to make serious commitments to stop all forms of support for fossil fuels,” said O’Manique.
Briefing: G20 government finance enabled 82% of LNG export infrastructure expansion, breaking climate promises
This new briefing shows G20 government institutions were involved in financing 82% of new Liquefied Natural Gas (LNG) export terminal capacity built from 2012-2022, providing at least USD 78 billion in loans, guarantees, and equity investments for new LNG export terminal capacity projects.
G20 public money enabled 82% of LNG export infrastructure expansion, breaking climate promises
Government-backed LNG projects are exposing the public to stranded asset risks and causing emissions nearly twice the annual emissions of Canada.
Explainer: Latest data shows the World Bank Group and its peers are still locking in a fossil future
Ahead of the 2023 World Bank Spring meetings, we have compiled the major MDBs’ 2022 energy finance data for the first time.
OECD risks labeling gas and other fossil-based technologies climate-friendly
The OECD has adopted a new list of “climate-friendly” projects that will benefit from preferential financial terms for export support. But a number of projects are poorly defined, potentially allowing for preferential financial incentives for export credit agency investments in gas.
The Netherlands contradicts COP26 promise, moves ahead to support 30 year oil and gas production project in Brazil
The Netherlands just contradicted its COP26 pledge to end public finance for fossil fuels by the end of 2022 and shift this money to clean energy by issuing a commitment to insure the Brazil Santos Basin Pre-Salt Pole oil and gas production project for around USD 321 million.