G20 governments continue to provide billions of dollars for the production and consumption of fossil fuels. This report finds that they provide at least USD $63.9 billion per year in government support to the production and consumption of coal alone, with almost three-quarters of the support identified being directed to coal-fired power production.
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.
It’s absurd for the UK government to declare a climate emergency while pouring vast sums of taxpayer-backed money into fossil fuel expansion. The Environmental Audit Committee is right to call for serious reform of UK Export Finance.
To help inform the alignment of the MDBs with the Paris Agreement, this briefing explores the use of shadow carbon pricing by MDBs and considers some best practices and limitations in the application of shadow carbon prices.
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.
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.
While Malpass has promised to maintain the World Bank’s existing commitments on climate change, governments should be extremely wary, said Alex Doukas, of Oil Change International.
If Bernhardt gets the top job at the Interior Department, the oil boys don’t have to spend any money lobbying at all. They just pick up the phone and tell him to open up public lands for drilling. Big Oil will be laughing all the way to the bank..
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.