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.
1. What does the legal opinion say? The legal opinion says that in the context of the climate emergency, and the rapidly diminishing carbon budget, there is an “in principle” requirement on states under international law to stop financing new fossil fuel projects. They should also decrease the funding of existing fossil fuel projects under … Read More
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.
This new legal opinion finds that export credit agencies could be in violation of their international legal obligations if they do not take action to reduce their financing of fossil fuel-related activities imminently.