FOR IMMEDIATE RELEASE
Dropping Day 4 at COP28: Oil Change International Media Advisory 12/3
Contact:
Valentina Stackl, Oil Change International – valentina@priceofoil.org, +1 (734) 276 6260
Nicole Rodel, Oil Change International – nicole@priceofoil.org, +27842570627
As the UN climate talks are well underway, fossil fuel phase out and an agreement to triple renewable energy and double energy efficiency are top of the agenda. Today, ahead of finance day, transforming public finance institutions to free up billions of dollars that are available to pay for the just transition is also entering the conversation – as 200+ civil society groups today call on world leaders to use COP28 to overhaul global monetary, trade, tax, and debt rules, as well as international financial institutions like the World Bank and International Monetary Fund.
December 3, 2023:
Side Event on the Global Fight to #EndFossilFuels
11:30 AM local time (GMT+4)
COP28 side event, “The Global Fight to End Fossil Fuels,” featuring California Attorney General Rob Bonta discussing the state’s groundbreaking lawsuit against Big Oil followed by a panel of climate justice advocates from Asia, Africa, South America and North America highlighting recent grassroots wins and strategies against fossil fuels.
When: 11:30 a.m. to 1:00 p.m. Dubai time, Sunday Dec. 3
Where: Side Events (SE) Room 2, Building 78, Zone B6, Blue Zone
Press Conference: Transforming public financing approaches and systems to address the climate and development crises
Sunday 3rd December | 12:30 (GMT+4)
Press Conference Room 2, Zone B6, Building 77 (Blue Zone)
Livestream: https://unfccc.int/event/oil-change-international-7
Speakers:
- Shereen Talaat, MenaFemMovement for Economic, Development and Ecological Justice
- Sandra Guzman, Grupo de Financiamiento Climático para América Latina y el Caribe (GFLAC, the “Climate Finance Group of Latin America and the Caribbean”)
- Bhekumuzi Bhebhe, Power Shift Africa
- Jax Bongon, IBON International’s Climate Justice Programme
About: 222 civil society groups from 55 countries sent an open letter this morning at 00.01 GMT calling on world leaders to transform international public finance to tackle climate change and deliver a just energy transition. Released ahead of COP28’s Finance Day on 4 December, when major public finance announcements are expected, the letter warns the current global financial architecture is perpetuating fossil fuel production, locking climate-vulnerable countries into debt, and delaying a just energy transition.
Bronwen Tucker, Public Finance co-lead at Oil Change International, said: “This unfair global financial architecture is prolonging the fossil fuel era. It is driving record fossil fuel profits, allowing subsidies to continue, failing to make polluters pay for their damages, and locking out renewable investments – while people and the planet pay the price. We need a fast, fair, full, and funded phase out of fossil fuels – and it will not be possible unless we rewrite the rules for public finance. Rich countries can free up over $3.5 trillion a year by redirecting funds from the harmful parts of our economies that are driving climate change and inequality: fossil fuels, unfair colonial debts, and the super rich.”
December 4, 2023, early morning events:
What: Colorful Photo Opportunity Demanding End to Public Finance for Fossil Fuels!
When: December 4, 2023 at 9am
Where: B1 (near networking area)
Who: Asian Peoples Movement on Debt and Development; Oil Change International; Friends of the Earth Japan; Center for Energy, Ecology and Development; 350.org and more
A coalition of groups are organizing a colorful photo opportunity at COP28 featuring giant inflatable Pikachu suits on the thematic “Finance Day” to focus attention on dirty fossil finance and to demand that governments stop financing fossil fuels immediately and support a just, fair and fast transition to renewable-based energy systems.
Background:
Despite the urgent need to phase out fossil fuels, Japan is driving the expansion of liquified gas (LNG) and other fossil-based technologies like ammonia co-firing across Asia and globally. This will worsen the climate crisis and harm communities and ecosystems. Communities and movements are rising up – particularly in the Global South – to oppose Japan’s efforts to derail the transition to renewable-based energy systems.
This finance is continuing despite recognition that investing in fossil fuels is fueling the climate and energy crises and undermines energy security. As the world’s 5th largest carbon emitter, Japan should immediately shift finance to support a just, fair and fast transition to renewable-based energy systems and should provide finance to compensate for loss and damages inflicted on communities in the Global South.
Resources:
- Photos will be available here immediately following the activity.
- “Backgrounder: Japan’s fossil finance threatens to derail the energy transition in Asia and globally,” November 2023
- Confronting a Fossil Future: Stopping the Gas Detour in Renewable-Rich Southeast Asia
- Speakers from Center for Energy, Ecology and Development, Friends of the Earth Japan, Oil Change International, Port Arthur Community Action Network, and Waterkeepers Bangladesh are available for interviews after the action