At this year’s G7 meeting countries are discussing how to “build back better” towards a “greener, more prosperous future.” This factsheet explains the current state of G7 finance for fossil fuels and why it needs to shift to clean energy.
Stop Funding Fossils
Oil Change Int’l response to Biden budget, fossil fuel subsidies removal
“Big Oil’s continued existence is the single biggest threat to our climate, and it’s long past time to end giveaways of public money to fossil fuel companies once and for all,” said Rees.
National U.S. Environmental Groups Host Rally to End Fossil Fuel Subsidies
Local and national organizations across the country are coming together for the virtual Rally to End Polluter Welfare because it’s time for Congress to fund our futures instead of fossil fuels.
National groups demand Biden appoint a strong climate leader as Federal Reserve Chair
National organizations are demanding President Joe Biden appoint a strong climate leader as Federal Reserve Chair who will implement policies and rules at the scale needed to address the climate crisis.
Is this even legal? Governments propping up fossil fuel production with public money.
Despite the need to rapidly wind-down fossil fuels to avert the worst of the climate crisis, governments worldwide continue to prop up fossil fuel production with huge sums of public money. They may be breaking international law.
Export credit agencies and states potentially at risk of climate litigation over finance for fossil fuels
A new legal opinion lays out the international law obligations of ECAs that are responsible for tens of billions of dollars per year in support for fossil fuels.
Oil Change International reacts to initial Climate Summit statements
True climate leadership requires a full reckoning with the realities of what’s driving our climate crisis: fossil fuels. Without a robust plan from rich countries in particular to ramp down fossil fuel production and ramp up support for communities for a just transition to a renewable energy economy, any conversation about ‘climate leadership’ is incomplete at best, or misleading at worst.
True climate leaders must take decisive action to stop fossil fuel expansion at Biden’s Climate Summit
Rich countries at this week’s Climate Summit need to take decisive action to stop the expansion of oil and gas production, both at home and abroad, both to protect the global climate and local communities. True climate leadership means breaking away from destructive oil and gas and investing in real solutions and green jobs that will help people and the planet thrive.
CSOs say newly launched export finance leadership coalition (E3F) fails to lead
In response to the launch of a new Export Finance for the Future coalition (E3F), 21 CSOs from 14 countries released a statement criticizing the lack of ambition from the coalition.
Multilateral Development Banks have financed at least $3 billion in fossil fuels during COVID-19 recovery
Today sees the release of the data on project financing from the nine major Multilateral Development Banks on the Energy Policy Tracker and a new Big Shift Global briefing, showing that, since the beginning of the pandemic, the Banks provided at least $12 billion to clean energy and $3 billion for fossil fuels.