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.
At a Crossroads: Assessing G20 and MDB international energy finance ahead of stop funding fossils pledge deadline
This report looks at G20 country and MDB traceable international public finance for fossil fuels from 2019-2021 and finds they are still backing at least USD 55 billion per year in oil, gas, and coal projects. 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.
IEA confirms energy crisis is fossil fuel crisis and forecasts peak in gas
The International Energy Agency (IEA) released its 2022 World Energy Outlook (WEO), underscoring that accelerating investment in clean energy and efficiency, not new fossil fuels, is the answer to both climate and energy security crises. In a marked shift for the IEA, WEO 2022 essentially declares an end to the ‘golden age of gas,’ as a result of the current energy crisis cementing an economic case against gas expansion, on top of the clear climate case.
Release the Guidance: Backgrounder on U.S. International Energy Finance ahead of COP27 Deadline
From 2010-2021, the United States’ trade and development finance institutions provided nearly five times as much support to fossil fuels as to renewables — over $51.6 billion for fossils compared to just $10.9 billion for renewables.
Shell’s Fossil Fuel Production: Still Pushing The World Towards Climate Chaos
Since May 2021, Shell has expressed interest to develop ten new oil and gas extraction assets, which could lock in additional CO2 pollution (325 million metric tonnes) two times greater than the Netherlands’ total CO2 emissions in 2021.
Release: Shell snubs climate case verdict and continues drilling for more
Despite the ongoing climate crisis, Shell continues to develop new oil and gas assets. Since the Dutch court ruling in May 2021, Shell has made definitive investments in 10 assets, which once burned will result in 325 million metric tonnes of CO2 emissions. Shell also co-owns more than 750 untapped oil and gas assets, which would amount to 4.3 billion metric tonnes of extra CO2 emissions, 30 times more than the total emissions from the Netherlands in 2021.
Response: Withdrawal of Manchin permitting bill huge win for communities, climate
Today is a major defeat for the Manchin and American Petroleum Institute-approved bill which would have fast-tracked the Mountain Valley Pipeline and other fossil fuel projects.
Environmental Leaders Sit-In on Capitol Hill to Protest Schumer/Manchin Permit Deal
A group of 13 environmental and community leaders are calling on the Senate to reject Senator Manchin’s proposal to undermine environmental and community review and fast-track oil, gas, coal and mining projects.
‘No room for climate deniers!’ CSOs call for World Bank President David Malpass to be fired
Climate change organizations under the Big Shift Coalition have called on the World Bank to fire its President David Malpass.
Fact Sheet: Why Everything Manchin Says About the Mountain Valley Pipeline Is Wrong
The Mountain Valley Pipeline will not enable U.S. LNG exporters to export more gas to Europe, is not needed in the Southeast, and will increase GHG emissions and make it harder to reach our climate targets. MVP is a false solution looking for a problem. It’s out of date and out of time.