New analysis by Oil Change International shows that OECD countries supported fossil fuel exports by an average of $41 billion from 2018 to 2020, almost five times more than clean energy exports. This directly contradicts internationally agreed climate goals, including the Paris Agreement objective to align financial flows with the low-carbon energy transition.
#StopFundingFossils
Changing the Trade Winds: Aligning OECD Export Finance for energy with climate goals
New research shows that Organisation for Economic Co-operation and Development (OECD) countries supported fossil fuel exports by an average of USD 41 billion from 2018-2020, almost five times more than clean energy exports ($8.5 billion).
G7 meeting: 50 actions around the world call on world leaders to stop peddling fossil fuels and false solutions
Hundreds of civil society organisations from dozens of countries have taken to the streets around the world to demand that the G7 stop peddling fossil fuels to developing countries and stop promoting false solutions to the climate crisis.
G7 leaders risk dangerous backsliding on fossil gas investments at upcoming G7 Summit
“Prime Minister Kishida is using Japan’s G7 presidency to benefit Japanese corporate interests over the health and security of people and our planet,” said Susanne Wong.
Briefing: G20 government finance enabled 82% of LNG export infrastructure expansion, breaking climate promises
This new briefing shows G20 government institutions were involved in financing 82% of new Liquefied Natural Gas (LNG) export terminal capacity built from 2012-2022, providing at least USD 78 billion in loans, guarantees, and equity investments for new LNG export terminal capacity projects.
G20 public money enabled 82% of LNG export infrastructure expansion, breaking climate promises
Government-backed LNG projects are exposing the public to stranded asset risks and causing emissions nearly twice the annual emissions of Canada.
Explainer: Latest data shows the World Bank Group and its peers are still locking in a fossil future
Ahead of the 2023 World Bank Spring meetings, we have compiled the major MDBs’ 2022 energy finance data for the first time.
OECD risks labeling gas and other fossil-based technologies climate-friendly
The OECD has adopted a new list of “climate-friendly” projects that will benefit from preferential financial terms for export support. But a number of projects are poorly defined, potentially allowing for preferential financial incentives for export credit agency investments in gas.
The Netherlands contradicts COP26 promise, moves ahead to support 30 year oil and gas production project in Brazil
The Netherlands just contradicted its COP26 pledge to end public finance for fossil fuels by the end of 2022 and shift this money to clean energy by issuing a commitment to insure the Brazil Santos Basin Pre-Salt Pole oil and gas production project for around USD 321 million.
New report: Commitment to end international finance for fossil fuels is shifting billions, but key countries breaking promises missing in action
Promise Breakers, a report released today by Oil Change International, reveals that the stop funding fossils commitment forged at COP26, is already shifting an estimated USD 5.7 billion per year out of fossil fuels and into clean energy, with the potential of a further 13.7 billion per year if all signatories fulfill their commitments.