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.
We live in a climate emergency, British children live in poverty in record numbers. Young people rightly care about climate change in ever increasingly numbers. It does not have to be this way. The solution is there, we just need the political will to make it happen. We need a just transition now.
This new report reveals, for the first time, the climate impact of North Sea oil and gas extraction, and shows the way to a job-creating energy transition. To deal with the climate emergency, the UK needs to immediately stop approving new oil and gas drilling and redirect support to clean jobs and renewable energy.
An influential British parliamentary committee has castigated the UK Government – which is paralysed by Brexit – for failing to respond adequately to the climate crisis as well as failing to reflect the urgency of that crisis in the way it funds development and climate-related projects abroad.
“Nature is declining globally at rates unprecedented in human history — and the rate of species extinctions is accelerating, with grave impacts on people around the world now likely”
The message in today’s Asian Financial Times is simple: climate leaders don’t fund coal.
Despite moderate progress in the 2017 budget, Canada remains the largest provider of fiscal support to oil and gas production in the G7 relative to the size of its economy.
Tomorrow Greg Muttitt, the Research Director at Oil Change International will give evidence to the UK’s parliamentary Environmental Audit Committee, which is investigating the scale and impact of UK Export Finance’s financing of fossil fuels in developing countries.
Program Director Alex Doukas said, “David Malpass is a dreadful nominee for the World Bank President. Malpass was Chief Economist of Bear Stearns as the company led the economy off the cliff into a global financial crisis. That tells you all you need to know about David Malpass’ ability as an economic steward.”
A new study released today by Oil Change International and 17 partner organizations makes it clear that managing a rapid and equitable decline of U.S. fossil fuel production must be a core component of any comprehensive climate policy.