“Under President Kim, the World Bank Group demonstrated a degree of climate leadership by announcing an end to financing for oil and gas extraction, and by starting to tighten its rules on lending to private banks who then invest that money in fossil fuels. The World Bank Group still has a long way to go on climate action, and Kim’s departure should not put a stop to this recent progress.”
Stop Funding Fossils
Oil Change Int’l Response to Approval of the EBRD’s New Energy Sector Strategy
“If MDBs follow through on this commitment, we would expect the EBRD’s brand-new strategy to be obsolete within a year, given what will be required to truly align with the Paris Agreement ambition to limit warming to 1.5°C,” said Alex Doukas, Program Director at Oil Change International.
Risking It All: New report shows how Export Development Canada’s support for fossil fuels drives climate change
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.
Risking It All: How Export Development Canada’s Support for Fossil Fuels Drives Climate Change
This report 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.
Korea’s Coal Finance: Polluting the World
The twin challenges of air pollution and climate change demand a rapid transition away from fossil fuels, and a particularly rapid phase-out of coal-fired power plants. Despite this, the Korean government continues to be among the biggest backers of coal-fired power plants around the world.
New report: Korea’s international coal finance will cause up to 27 trillion KRW in health and climate damages annually
A new analysis finds that overseas coal-fired power plants supported by Korea’s public finance institutions could cause as much as 27 trillion KRW (nearly USD 25 billion) in annual damage to people’s health and the climate.
The African Development Bank and Energy Access Finance in Sub-Saharan Africa
A new analysis of the energy finance provided by the African Development Bank (AfDB) shows that while financing for clean energy access has increased since the bank’s landmark New Deal on Energy for Africa, support for off-grid and mini-grid solutions — often the fastest and most affordable energy access solutions — must accelerate if Africa is to realize universal energy access by 2030.
Shortchanging Energy Access: A Progress Report on Multilateral Development Bank Finance
Overall, the MDBs are not financing energy access at nearly a sufficient level to meet the needs of energy-poor communities. Much of the energy access finance that is being provided is being directed to many of the communities that need it most. But even so, energy access is not reflected as a priority for the MDBs.
Letter: 65 Groups from 28 Countries Tell EBRD and EIB to Stop Financing Fossil Fuels
As EBRD and EIB prepare for their respective energy sector strategy reviews, 65 civil society groups from 28 countries released an open letter being sent to top EBRD and EIB officials demanding that they stop financing oil, gas, and coal projects.
Statement on the G7 Energy Ministers’ Reaffirmed Commitment to Phase Out Fossil Fuel Subsidies
“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.