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.
Over the past decade, nearly 90% of the U.S. Export-Import Bank’s total finance for energy projects has flowed to projects in oil, gas, and coal. As momentum grows for climate solutions in the U.S. and abroad, there is an urgent need for a ban on fossil fuel financing at ExIm.
This 10th annual “Banking on Climate Change” fossil fuel finance report card reveals that overall bank financing continues to be aligned with climate disaster, and that financing for fossil fuels has increased every year since the Paris Agreement was signed.
A report released today endorsed by over 160 organizations around the world reveals that 33 global banks have provided $1.9 trillion to fossil fuel companies since the adoption of the Paris climate accord.
“G7 countries must turn words into action and develop a detailed roadmap for phasing out fossil fuel subsidies by 2025. For Canada, this responsibility ultimately lies with Environment and Clean Growth Minister Catherine McKenna and Finance Minister Bill Morneau,” said experts from the #StopFundingFossils coalition.
“It’s not surprising that Kinder Morgan – successor to fraud-plagued Enron – wants to unload this boondoggle onto taxpayers. What’s surprising and disappointing is that Canada fell for it.”
This month we took escalated our campaign and took the fight directly to US Bank’s Annual Shareholder Meeting in Albuquerque, where representatives from pipeline resistance groups from across the nation told their stories directly to US Bank executives.
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.
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.
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.