Because they chose to accept David Malpass, Donald Trump’s pick for the next World Bank president, the World Bank Group’s Board of Directors are responsible for moving aggressively him in if he attempts to drag the Bank backward on climate change. The Board must not let Malpass do the bidding of the oil and gas industry.
A new report released today reveals the disconnect between Canada’s promises on climate change and the actions of its official export credit agency, Export Development Canada (EDC), in propping up the oil and gas industry through government-backed (public) finance.
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.
The managed decline of oil and gas production has begun. On Tuesday, France set passed a law to end the exploration for and extraction of oil and gas. In our 2016 report, The Sky’s Limit: Why the Paris Climate Goals Require a Managed Decline of Fossil Fuel Production, we showed that emissions from the oil, gas and … Read More
The World Bank just shook the world of energy finance to its foundations. On December 12, at the One Planet Summit in Paris, the world’s most high-profile public bank said they would no longer finance oil and gas extraction after 2019. This move made headlines around the world, and it was the direct result of … Read More
“Canada’s fossil fuel subsidies are like taxing consumers when they buy cigarettes while giving massive tax breaks to tobacco companies that encourage them to produce more cigarettes. It doesn’t make sense.”
This year, G20 leaders reiterated their same tired commitment to end fossil fuel subsidies, for the seventh time in a row. It’s starting to ring hollow.
Oil Change International and Overseas Development Institute released a new report today, ‘Empty Promises: G20 subsidies to oil, gas and coal production,’ documenting government support from G20 countries to the fossil fuel industry.
G20 country governments are providing $444 billion a year in subsidies for the production of fossil fuels. These governments are propping up the production of oil, gas and coal, most of which can never be used if the world is to avoid dangerous climate change, and undermining national climate commitments.
On Monday, June 16 the Organization for Economic Cooperation and Development (OECD)’s Export Credit Group will meet to discuss climate and energy related financing through Export Credit Agencies – public agencies that fund or guarantee private corporations from their home country to invest or export overseas.