Countries make joint statement on shifting fossil fuel subsidies towards renewable energy at COP28

December 9, 2023By nicolePress Releases, Stop Funding Fossils

“Today’s announcement from the Netherlands, United Kingdom, Canada and many of their peers is a disappointment. At a time when we need rich country leaders to concretely expand their past ambition to secure a fair deal, these ministers are just regurgitating promises and initiatives that are now more than a decade old and have been so ineffective that fossil fuel handouts and profits continue to reach record levels.”

New Data Reveals Canada is Second Largest Public Funder of CCS to Date – A Lifeline for Fossil Fuels, Not Climate Action

November 30, 2023By Al Johnson-KurtsPress Releases

As the United Nations Climate Change Conference begins today, Oil Change International revealed the failure of Carbon Capture and Storage (CCS) in Carbon Capture’s Publicly Funded Failure. CCS has a 50 year track record of over-promising and under-delivering, and every investment in CCS provides a lifeline to the fossil fuel industry.

New Report: International public finance for fossil fuels dropped in 2021, but a rebound is likely unless key governments deliver on pledges

November 1, 2022By Oil Change InternationalFeatured, Press Releases

A report released today by Oil Change International and Friends of the Earth U.S. reveals that between 2019 and 2021 the G20 countries and multilateral development banks (MDBs) provided at least USD 55 billion per year in international public finance for fossil fuels. This is a 35% drop compared to previous years (2016-2018), but still almost twice the support provided for clean energy, which averaged only $29 billion per year.

At a Crossroads: Assessing G20 and MDB international energy finance ahead of stop funding fossils pledge deadline

November 1, 2022By Oil Change InternationalBriefings, Featured 4 Comments

This report looks at G20 country and MDB traceable international public finance for fossil fuels from 2019-2021 and finds they are still backing at least USD 55 billion per year in oil, gas, and coal projects. This is a 35% drop compared to previous years (2016-2018), but still, almost twice the support provided for clean energy, which averaged only $29 billion per year.