New report shows that between 2020 and 2022, G20 governments and the multilateral development banks (MDBs) provided $142 billion in international public finance for fossil fuels, almost 1.4 times their support for clean energy in the same period.
Author: nicole
Public Enemies: Assessing MDB and G20 international finance institutions’ energy finance
This new report, “Public Enemies: Assessing MDB and G20 international finance institutions’ energy finance” looks at G20 country and MDB traceable international public finance for fossil fuels from 2020-2022 and finds they are still backing at least USD 47 billion per year in oil, gas, and coal projects.
COP28 President points again to 1.5ºC “North Star”, but UAE expansion plans still on the table
“Since COP28 in Dubai, both producers and importers of fossil fuels have a responsibility to accelerate the transition away from them. While COP28 President Al Jaber is right to point out that fossil fuel demand needs to decline rapidly, this cannot be an excuse for the massive expansion of fossil fuels planned by his own company, ADNOC, and the five rich global north countries responsible for the majority of planned oil and gas expansion to 2050, led by the United States.”
New analysis: International agreement builds momentum for shifting billions away from fossil fuels, but U.S., others lag behind
U.S. single biggest violator of CETP pledge, approving the most fossil fuel projects of any signatory for a total of almost USD $2.3 billion.
Oil Change International response to IEA Ministerial communique
“Today’s commitment to make a finance roadmap to limit warming to 1.5°C and ensure a just energy transition is a welcome step, but in order to be useful, the IEA’s new research must continue with strong recommendations to immediately halt finance flowing to fossil fuels, and start recommending dramatically increased public finance on fair terms for renewable energy and energy efficiency.”
Oil Change International reaction: COP28 agrees to ‘transition away from fossil fuels’
“People power put a full, fast, fair, and funded fossil fuel phaseout at the top of the UN agenda. While we didn’t get there, we secured the first UN climate agreement that calls on all countries to ‘transition away from fossil fuels,’ sending an unprecedented signal to the fossil fuel industry that its days are numbered. This progress has only been achieved by decades of struggle by frontline communities, Indigenous Peoples, and the most affected countries.”
Oil Change International responds to new draft Global Stocktake text at COP28
“The draft text calls for the first time on all parties to contribute to the transition away from fossil fuels, which is unprecedented in the UNFCCC and would have been unimaginable just two years ago. “
Countries make joint statement on shifting fossil fuel subsidies towards renewable energy at COP28
“Today’s announcement from the Netherlands, United Kingdom, Canada and many of their peers is a disappointment. At a time when we need rich country leaders to concretely expand their past ambition to secure a fair deal, these ministers are just regurgitating promises and initiatives that are now more than a decade old and have been so ineffective that fossil fuel handouts and profits continue to reach record levels.”
Dropping at COP28 December 9 – Media Advisory
Just passed the halfway point at the UN climate talks in Dubai, and negotiations are heating up. Today’s media advisory covers upcoming press conferences, actions, and the COP28 Coalition march for climate justice and human rights.
PRESS ADVISORY: Global Community Groups Speak Out at COP28 to Oppose LNG
On Friday, December 8, an international coalition of organizations and community leaders, including the Center for Energy, Ecology, and Development Philippines, Center for Biological Diversity, Climate Action Network Canada, Earthworks, Oil Change International, Solutions For Our Climate, and others will gather for a creative action and speak-out on the need to end approvals and finance for Liquefied Natural Gas (LNG) projects, extraction, export, and import.