European Development Finance Institutions fall short on climate ambition by allowing continued financing for fossil gasToday, one week ahead of the Finance in Common Summit, the Association of European Development Finance Institutions (EDFI) announced joint ambitions for climate action. The institutions commit to full Paris alignment by 2022 and to end coal and fuel oil financing. For gas finance, they commit to “generally exclude [such finance] by 2030 at the latest”, but leave the room open to gas financing beyond 2030 in certain cases.
Featured
Oil Change International Response to New Report Revealing that UKEF Switch to Renewables Could Deliver 42,000 Jobs
“This report shows that the UK has a clear opportunity to show climate leadership and stop propping up deadly fossil fuels with public money.
Statement: France fails to show climate leadership with proposed export finance policy
Today, the French government outlined new measures aimed at greening the country’s export credit support policy. Under the proposed new policy, France will continue supporting fossil fuel projects worldwide until at least 2035. OCI urges the French government to reconsider this end date as it is grossly misaligned with the Paris Agreement.
Fracking Fiasco: New report names Wells Fargo and JPMorgan Chase as main players funding U.S. shale bust
A new report by Oil Change International and Rainforest Action Network (RAN) shows how major banks have continued pouring money into fracking companies in recent years despite numerous warnings that the sector was financially unsustainable — on top of the well-documented environmental, health and climate impacts of the industry.
Fracking Fiasco: The Banks That Fueled the U.S. Shale Bust
A new report by Oil Change International and Rainforest Action Network (RAN) shows how major banks have continued pouring money into fracking companies in recent years despite numerous warnings that the sector was financially unsustainable — on top of the well-documented environmental, health and climate impacts of the industry.
Discussion Paper: Big Oil Reality Check — Assessing Oil And Gas Climate Plans
Our new discussion paper analyzes the current climate commitments of eight of the largest integrated oil and fossil gas companies, and reveals that none come close to aligning their actions with the urgent 1.5°C global warming limit as outlined by the Paris Agreement.
Distributed Funds for Distributed Renewable Energy: Ensuring African Energy Access Finance Reaches Local Actors
Communities in Africa have generally contributed the least to climate change, been undermined the most by international trade and finance policies, and have a right to better international support for distributed renewable energy. In order to reach universal energy access before the 2030 target set by the UN Sustainable Development Goals, international public finance institutions have an urgent responsibility to provide more funding and better financial transparency and tracking for distributed renewable energy. Additionally, they have a responsibility to foster local participation in and ownership of distributed renewable energy initiatives. This briefing provides recommendations for how international public finance institutions can fulfill this responsibility, while revealing that from 2016 to 2018, fossil fuels received more than 3.5 times the support than all kinds of renewable energy did during this period.
Past Time for Action: Subsidies and Public Finance for Fossil Fuels in the Netherlands
Amidst a climate crisis and global pandemic, it’s essential that countries develop public finance packages that phase out fossil fuel production and invest in a just, green transition toward renewable energy that benefits communities and industry workers. While the Netherlands has committed to redirect financial flows from fossil fuels to climate action, this report reveals that the Dutch Government continues to provide billions — at least €8.3 billion per year — in taxpayer backed support for the production and use of fossil fuels.
Report: The Netherlands fails to meet 2020 deadline for ending fossil fuel subsidies
Amidst a climate crisis and global pandemic, a new analysis from Friends of the Earth Netherlands and Oil Change International reveals that the Dutch government continues to provide billions — at least €8.3 billion per year — in taxpayer backed support for the production and use of fossil fuels. By ending fossil fuel subsidies, the Netherlands could free up resources to invest in a just and green recovery from COVID-19, whilst reducing greenhouse gas emissions by 7.7% by 2025.
Atlantic Coast Pipeline win was a hard-earned victory. Beware industry and government’s revisionist history.
This victory comes as an enormous relief to people all along the more than 600 miles of pipeline route through West Virginia, Virginia, and North Carolina.