“As many Global South countries face the worst debt crises we have seen in a generation and climate disasters at the same time, the IMF has a lot to answer for,” said Bronwen Tucker.
Coal
Locked Out of a Just Transition: Fossil Fuel Financing in Africa
Between 2016, following the adoption of the Paris Climate Agreement, and June 2021, public and private financial institutions poured at least $132 billion in lending and underwriting into 964 gas, oil and coal projects in West, East, Central and Southern Africa. The vast majority of this finance came from financial institutions based outside Africa, both commercial banks and public institutions such as development banks and Export Credit Agencies.
New Report: At least $132 billion in finance for fossil fuels is locking Africa out of a Just Transition
Between 2016, following the adoption of the Paris Climate Agreement, and June 2021, public and private financial institutions poured at least $132 billion in lending and underwriting into 964 gas, oil and coal projects in West, East, Central and Southern Africa. The vast majority of this finance came from financial institutions based outside Africa, both commercial banks and public finance institutions like development banks and export credit agencies.
Joe Manchin: The climate “villain” who is “letting the world burn”
One man is increasingly been blamed for blocking climate progress in the US. Joe Manchin is the democratic Senator from West Virginia. Biden needs Manchin’s vote to get his climate agenda and Build Back Better legislation, over the line. Manchin maybe a Democrat, but he is also a coal man.
US Government wastes $1 billion on “failed” CCS projects
The fossil fuel industry continues to argue that Carbon, Capture and Storage (CCS) is an integral solution to our climate crisis. Billions has been spent trying to get the technology to work. Billions has already been wasted. Billions more will be wasted too.
Response to new U.S. guidance that could end billions in public finance for oil, gas, and coal
“Any credible analysis of alternatives and alignment with the Paris Agreement would prevent new fossil fuel projects from being financed,” said Tucker.
New research: E3F countries need to shift their EUR 20 billion in export finance for fossil fuels to renewables
A policy brief released today by OCI and ODI shows that despite their commitment to align financial flows with climate goals under the Paris Agreement adopted in 2015, the E3F countries still provided €20 billion in export finance for fossil fuel projects abroad between 2018 and 2020.
New report exposes five wealthy countries whose fossil fuel production threatens chance at 1.5ÂşC
The new report finds that wealthy nations — the United States, United Kingdom, Canada, Norway, and Australia — planning to approve and subsidize new fossil fuel projects which undermines their recent claims of leadership in addressing the climate crisis.
The Fossil Fuelled Five: Comparing Rhetoric with Reality on Fossil Fuels and Climate Change
The new report finds that wealthy nations — the United States, United Kingdom, Canada, Norway, and Australia — planning to approve and subsidize new fossil fuel projects which undermines their recent claims of leadership in addressing the climate crisis.
Spain joins commitment to end international oil, gas, and coal finance, bringing total for potential finance shifted to USD 23.6 billion per yearÂ
This increases the number of signatories to 30 and the annual average of potential public finance shifted out of fossil fuels and into clean energy to at least USD 23.6 billion per year. This equals 37% of annual public finance for fossil fuels provided by G20 countries and the Multilateral Development Banks (MDBs) between 2018 and 2020.Â