Despite the need to rapidly wind-down fossil fuels to avert the worst of the climate crisis, governments worldwide continue to prop up fossil fuel production with huge sums of public money. They may be breaking international law.
News
Export credit agencies and states potentially at risk of climate litigation over finance for fossil fuels
A new legal opinion lays out the international law obligations of ECAs that are responsible for tens of billions of dollars per year in support for fossil fuels.
California becomes largest oil producer in world to commit to total O&G phaseout, ban fracking — but not soon enough
“California is the highest-producing jurisdiction in the world so far to commit to a phase-out of oil extraction, and other major producers need to join the state in committing to move beyond oil and gas,” said Collin Rees of Oil Change International.
Oil Change International response to Biden Administration announcements on international finance
“Today’s announcement by President Biden on international fossil finance is welcome but the lack of firm commitments falls short. We urge the Biden administration to add a clear commitment to an immediate phase-out, with no loopholes for gas or any other continued fossil support.”
Hundreds of Groups Urge Kerry to Push for Wall St. Climate Regulation, Not Partnership
Nearly 150 organizations sent a letter urging Special Presidential Envoy for Climate John Kerry to use his powers to end the flow of finance from Wall Street to the industries driving climate change.
New CA100+ Benchmarks Reconfirm: The oil and gas industry is failing to act credibly on climate
“This analysis reconfirms the obvious. No Big Oil and Gas company has a serious plan to wind down its fossil fuel operations at a pace that comes anywhere close to aligning with the critical 1.5-degree limit.”
Nearly 450 Organizations Call on Biden Administration to End Public Finance for Fossil Fuels
Over 400 organizations from 50 countries signing onto a new letter called on the Joe Biden administration to immediately end all U.S. public financing for fossil fuels, including natural gas.
Over 350 Groups Urge President Biden to Stop the Line 3 Pipeline and Protect Indigenous Rights, Climate
“We urge you and all federal leadership to stand firm against the Line 3 pipeline and act now to halt its construction. The pipeline’s construction is an urgent threat to the waters of Minnesota and Lake Superior, as well as to our global climate,” said the groups to Biden.
New Coalition Urges Banks to End Bad Bets On Fracked Gas Pipeline
A group of environmental and financial organizations representing over 7,600,000 members and supporters announced the launch of the DivestMVP coalition to highlight the financial instability of the fracked gas Mountain Valley Pipeline.
Report: the Network for Greening the Financial System (NGFS) must revise its climate scenarios to drive decarbonization in the financial sector
In a new paper published today, Oil Change International (OCI) and Reclaim Finance analyze the shortcomings of the climate scenarios published by the NGFS and highlight the risk that they may be used to justify slow and inadequate climate action by financial actors.