This new coalition will coordinate actions between nations leading the charge on eliminating public finance for fossil fuels, and will build momentum to provide political guidance in future multilateral negotiations.
Author: Oil Change International
At Net Zero Summit, IEA receives clear call to put 1.5°C at heart of the WEO
At today’s IEA-COP26 Net Zero Summit, International Energy Agency director Dr. Fatih Birol again asserted that his agency “will provide a roadmap for the world to be in line with 1.5 degrees Celsius,” yet stopped short of saying it will be central in the upcoming WEO.
New Report Reveals Global Banks Funneled $3.8 Trillion into Fossil Fuels Since Paris Agreement
A new report released today by Oil Change International, Rainforest Action Network, BankTrack, Indigenous Environmental Network, Reclaim Finance, and Sierra Club, and endorsed by over 300 organizations around the world, reveals that 60 global banks have provided USD $3.8 trillion to fossil fuel companies in the five years since the adoption of the Paris Agreement (2016-2020).
Banking on Climate Chaos 2021: Fossil Fuel Finance Report
This report analyzes fossil fuel financing from the world’s 60 largest commercial and investment banks — aggregating their leading roles in lending and underwriting of debt and equity issuances — and reveals that these banks poured a total of USD $3.8 trillion into fossil fuels from 2016–2020.
UK Undermines Its Own Claim to Climate Leadership By Failing to End Oil and Gas Licensing in the North Sea
Today, the United Kingdom announced a “North Sea deal to protect jobs in the green energy transition” that campaigners say fails to meet the UK’s responsibility to lead in a phase-out of domestic oil and gas extraction.
Response to Deb Haaland’s historic confirmation as Secretary of the Interior
Secretary Haaland’s confirmation sets a historic precedent for Indigenous communities and leaders across Turtle Island, and we look forward to working with the Secretary to introduce additional policies that protect our nation’s waters, lands, and communities from the dirty influence of the fossil fuel industry during her time in this critical role.
EU foreign ministers commit to push for end to fossil fuel subsidies and finance; pressure builds on United States to follow suit
“Ending government support for fossil fuels is a no-brainer. Globally, governments are still propping up fossil fuels with huge sums of public money, behaviour that is incompatible with keeping global warming below 1.5ÂşC,” said Laurie van der Burg.
Response: IEA commits to develop a full 1.5°C-aligned net zero scenario
The IEA is finally taking a major step towards living up to its ambition to lead the clean energy transition.
Oil Change International Demands Immediate Action in Response to Attempted Coup
Yesterday’s violent insurgency at the U.S. Capitol and a number of state capitals, provoked and supported by Donald Trump and his enablers in Congress and the Executive Branch, was reprehensible.
UK announces end to overseas fossil fuel finance, now other governments must follow suit
The United Kingdom’s prime minister, Boris Johnson, will commit to end the UK’s overseas fossil fuel financing “as soon as possible” at the Climate Ambition Summit. The phase-out of oil, gas, and coal financing applies to aid funding, trade promotion and export finance provided by UK Export Finance (UKEF), the institution that has come under scrutiny for its USD 1 billion investment in a controversial LNG project in Mozambique and for considering to finance the equally controversial East African Oil Pipeline.