This increases the number of signatories to 29 and the annual average of potential public finance shifted out of fossil fuels and into clean energy to at least USD 21.7 billion per year.Â
Germany
Netherlands joins commitment to end international oil, gas, and coal finance, leaving Germany and France lagging behind
Last Thursday on November 4, 25 countries and institutions committed to end international public finance for unabated oil, gas, and coal by the end of 2022 at the United Nations climate conference in Scotland (COP26). Today, the Netherlands has confirmed that it will also join the initiative.
CSOs welcome historic 20+ country-strong commitment to end international oil, gas, and coal finance by end of 2022, say others need to follow
Today at COP26, more than 20 countries and institutions launched a joint statement committing to end direct international public finance for coal, oil and gas by the end of 2022 and prioritize clean energy finance. This initiative could directly shift more than USD 18 billion a year of support out of fossil fuels and into clean energy.
Fact Sheet: Despite Paris Agreement, Governments Still Fund Billions in Fossil Fuel Finance Each Year
Instead of funding clean energy solutions, G20 governments and multilateral development banks still overwhelmingly fund the problem, averaging nearly $72 billion per year in public finance for fossil fuels compared to less than $19 billion per year for renewable energy.
Climate Leader or Coal Champion? Time for Germany to Decide
A new Oil Change International report shows that, if Germany is truly committed to being a leader in meeting the goals of the Paris Agreement, it must lead the way with a rapid phaseout of fossil fuel production and finance.
Germany must quit fossil fuels to regain climate leadership: new report
Rapidly phasing out coal, banning oil and gas expansion, and ending dirty international finance are required for Germany to recover its climate leadership, says new report.
Time to Stop Digging: Why Germany’s Climate Leadership Requires a Rapid Phaseout of Fossil Fuel Production and Finance
Germany is falling far short of true climate leadership – our new report details why it must end coal production swiftly with a just transition and stop funding fossil fuels aboard.
On his first diplomatic outing, climate-denying Rex Tillerson got trolled
In his first outing as Secretary of State, former ExxonMobil CEO Rex Tillerson may have been quiet, but the world’s climate leaders were not. Ahead of the G20 meeting of foreign ministers, hosted by Germany in Bonn, German government officials didn’t mince words: “You can’t fight climate change by putting up barbed wire,” said Foreign Minister Sigmar Gabriel, a not-so-thinly veiled swipe at Rex Tillerson and Donald Trump’s climate denial, and the Trump Administration’s racist immigration policies.
Infographic: Gov’ts Funding Fossils over Climate Finance
A handful of wealthy countries are still funding fossil fuels instead of climate action, giving 3.6 times more public money to prop up fossil fuels than they’re giving to developing countries to address climate change.
Fossil fuel subsidies are “the world’s dumbest policy” – so why won’t G20 leaders end them?
Today, G20 leaders in China again failed to set a deadline to end fossil fuel subsidies, seven years after they first committed to ending them. Even as G20 governments move to ratify the Paris Agreement on climate change, they’re adding fuel to the fire by dumping $444 billion of our money into polluting fossil fuel companies every year, undermining the spirit … Read More