“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.
The World Bank Group released new climate targets for 2021-2025, aiming to provide and mobilize $200 billion in support of countries’ climate action. Members of the Big Shift Global coalition react to this announcement.
In a sign of things to come, the number of Congress members who’ve signed the No Fossil Fuel Money Pledge has now more than doubled. Over 30 Members of Congress have now pledged to reject all contributions from the oil, gas, and coal industries, with some races still to be called that could increase that number even further.
“This is an important step by the IFC to redirect its investment to align with the Paris Agreement on climate change, and other financial institutions should sit up and pay attention,” said Alex Doukas of Oil Change International
Yesterday, the European Bank for Reconstruction and Development (EBRD) released a revised draft of its energy sector strategy. The draft of the new strategy is due to be finalized by the end of 2018, and will have bearing on billions of dollars in public finance for energy.
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.
“While this new commitment is an important step forward, it’s not enough. Millions of people are currently being left behind when it comes to accessing clean, affordable energy. The World Bank must commit to significantly scaling up its finance to support energy access for those without it, particularly for distributed renewable energy solutions.”
“De facto halting this dangerous project keeps open the only credible path for Canada to live up to its obligation to fight climate change. Building new, long-lived pipelines in support of ever-growing oil production and export is wholly incompatible with the rapid transition away from fossil fuels required.”
Dozens of advocacy groups highlighted fundamental flaws in a draft federal study intended to assess the macroeconomic impacts of expanded LNG export.
A new study by Oil Change International has found that drilling for more new gas in Irish waters is not compatible with achieving the Paris Agreement to limit climate change. The report assesses the role of fossil gas in the energy system against the background of Ireland’s own decarbonization targets, and our obligations under the Paris Agreement.