The twin challenges of air pollution and climate change demand a rapid transition away from fossil fuels, and a particularly rapid phase-out of coal-fired power plants. Despite this, the Korean government continues to be among the biggest backers of coal-fired power plants around the world.
coal finance
New report: Koreaās 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 Koreaās public finance institutions could cause as much as 27 trillion KRW (nearly USD 25 billion) in annual damage to peopleās health and the climate.
Civil Society Welcomes IFCās 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.
Letter: 65 Groups from 28 Countries Tell EBRD and EIB to Stop Financing Fossil Fuels
As EBRD and EIB prepare for their respective energy sector strategy reviews, 65 civil society groups from 28 countries released an open letter being sent to top EBRD and EIB officials demanding that they stop financing oil, gas, and coal projects.
China-Backed Coal Plant in Lamu āOn Courseā to Go Ahead, Despite Widespread Opposition
A senior Kenyan Diplomat is reported to have confirmed that a highly controversial coal plant will be built near Lamu, the UNESCO World Heritage Island off the northern Kenyan Coast, despite widespread international and local opposition.
Big Shift campaign reacts to World Bank commitment to end upstream oil and gas finance
All financial institutions, public and private, including the World Bank, must still work toward aligning their finance with the aim of keeping global temperature increase below 1.5 degrees Celsius, but today, the World Bank set a high new bar in climate leadership.
Reaction: World Bank Steals Show at One Planet Summit by Phasing Out Upstream Oil and Gas Finance
Today at the One Planet Summit the World Bank set a new bar for financial climate leadership by committing to end finance for oil and gas extraction and exploration projects.
Dirty Dozen Released: 12 Projects that Undermine the One Planet Summit and Put the Climate at Risk
The 12 projects contained in today’s new briefing are examples that demonstrate how public finance is still acting as a critical lifeline for destructive fossil fuel projects, many of which could not otherwise be built, and how this support continues to this day, a full year after the Paris Agreement entered into force.
Letter: 200+ Groups to G20 & Multilateral Development Banks ā Stop Funding Fossils
Over 200 civil society groups released a letter calling on multilateral development banks, including the World Bank, and leaders of G20 governments to commit to phase out subsidies and public finance for fossil fuels as soon as possible.