New Briefing: Despite pledging to stop international financing for fossil fuel projects by the end of 2022, the Italian Government is continuing to actively consider financing for major international fossil fuel projects that could emit greenhouse gas emissions equivalent to at least 3.5 times Italy’s annual emissions.
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Oil Change International response to Norway’s postponement of new licensing round
The Norwegian Government just postponed one of the country’s two oil and gas licensing rounds for the next three years. The decision was part of Norway’s minority government’s budget deal with the opposition Socialist Left Party (SV).
New briefing: Oil and gas industry on brink of major surge in expansion – new drilling plans approved through 2025 could exhaust 17% of the global carbon budget for 1.5°C
The new briefing, titled ”Investing in Disaster”, exposes the countries and companies that have approved the most new oil and gas extraction in 2022, and that could be responsible for major expansion through 2025.
Investing in Disaster: Recent and Anticipated Final Investment Decisions for New Oil And Gas Production Beyond the 1.5°C Limit
The briefing reveals that new oil and gas production approved to date in 2022 and at risk of approval over the next three years could cumulatively lock in 70 billion tonnes (Gt) of new carbon pollution. This is equivalent to almost two years’ worth of global carbon emissions from energy at current levels, 17 percent of the world’s remaining 1.5°C carbon budget, or the lifecycle emissions of 468 coal power plants.
Germany, Italy, Canada, United States warned to keep their climate promise on first anniversary of initiative to end public finance for fossil fuels
A UK Government event at COP27 in Egypt has marked the first anniversary of a groundbreaking international initiative to phase out international public finance for fossil fuels, one of the most concrete outcomes of last year’s UN climate summit in Glasgow. At today’s event, countries took stock of implementation efforts and announced Nepal as a new signatory to the pledge, making this country the 40th signatory to the statement.
Election Response: Our movements won’t back down — Biden must step up to defend democracy, stop climate chaos
Declaring a climate emergency and stopping new fossil fuel projects should be at the top of Biden’s agenda — the future of the planet and U.S. democracy is at stake. The last thing Congress should do is pass Big Oil’s dangerous ‘permitting reform.’
Exposing Japan’s dirty secret as world’s top fossil fuel financier
It’s easy to lose touch with reality at the annual UN climate negotiations, also known as COP. The buzz and energy of tens of thousands of people at the UN’s annual conference focused on one of humanity’s greatest crises is overwhelming. And energizing. Until you realize that you don’t all share the same intent. Take … Read More
Japan’s Dirty Secret: World’s top fossil fuel financier is fueling climate chaos and undermining energy security
This briefing, “Japan’s Dirty Secret: World’s top fossil fuel financier is fueling climate chaos and undermining energy security,” reveals that Japan is the world’s largest public financier of fossil fuel projects, providing 10.6 billion USD per year between 2019 and 2021. Japan has been leading the drive to expand gas consumption in Asia and is the world’s leading financier of gas infrastructure globally, spending USD 6.7 billion on gas projects on average each year between 2019 and 2021.
New briefing: Japan is the world’s largest provider of public finance for fossil fuels, spending 10.6 billion USD a year
FOR IMMEDIATE RELEASE November 8, 2022 Contacts: Makiko Arima — makiko@priceofoil.org (AEST) Susanne Wong — susanne@priceofoil.org (CEST) New briefing: Japan is the world’s largest provider of public finance for fossil fuels, spending 10.6 billion USD a year Briefing highlights that Japan’s support for oil, gas and coal is fueling the climate crisis, undermining energy security and harming … Read More
New Report: International public finance for fossil fuels dropped in 2021, but a rebound is likely unless key governments deliver on pledges
A report released today by Oil Change International and Friends of the Earth U.S. reveals that between 2019 and 2021 the G20 countries and multilateral development banks (MDBs) provided at least USD 55 billion per year in international public finance for fossil fuels. This is a 35% drop compared to previous years (2016-2018), but still almost twice the support provided for clean energy, which averaged only $29 billion per year.