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News

Climate Expectations for World Bank Group Spring Meetings

April 6, 2023By Valentina StacklBlog Post, Featured, News, Press Releases, Stop Funding Fossils

“The World Bank cannot be effective on climate action until it stops adding fuel to the fire. We’ll be looking to shareholders and Bank leadership to make serious commitments to stop all forms of support for fossil fuels,” said O’Manique.

G20 public money enabled 82% of LNG export infrastructure expansion, breaking climate promises

April 5, 2023By nicoleBlog Post, Featured, News, Press Releases, Stop Funding Fossils

Government-backed LNG projects are exposing the public to stranded asset risks and causing emissions nearly twice the annual emissions of Canada.

OECD risks labeling gas and other fossil-based technologies climate-friendly

April 4, 2023By nicoleBlog Post, Featured, News, Press Releases, Stop Funding Fossils

The OECD has adopted a new list of “climate-friendly” projects that will benefit from preferential financial terms for export support. But a number of projects are poorly defined, potentially allowing for preferential financial incentives for export credit agency investments in gas.

Italy breaks climate promise to end public financing for international fossil fuel projects, publishing ‘worst-in-class’ climate policy

March 21, 2023By Valentina StacklBlog Post, News, Press Releases, Stop Funding Fossils

Italy’s far right government has broken a major climate pledge to end public financing for international fossil fuel projects, instead producing the worst policy among countries that signed the 2021 commitment.

Response: IPCC’s Report Raises the Alarms to Code Red

March 20, 2023By Valentina StacklBlog Post, Featured, News, Press Releases

“The UN Secretary-General’s response to the IPCC report makes it clear that the time when countries can pretend to be climate leaders while expanding oil and gas production is over,” said Romain Ioualalen.

Block of 6 Pacific countries commit to spearhead global fossil fuel phase-out effort

March 17, 2023By OCI TeamNews, Press Releases

Today, Pacific Island governments committed to create a “Fossil Fuel Free Pacific” and called for all countries to join them in managing a global, equitable, and unqualified phase out of coal, oil and gas.

OECD fails to make progress on aligning with 1.5°C, stalling urgent climate action for over 6 months

March 14, 2023By Nina PusicBlog Post, News, Press Releases, Stop Funding Fossils

Last week, OECD countries failed to conclude negotiations on climate friendly incentives to align Export Credit Agencies, the world’s largest international financiers of fossil fuels, with international climate goals.

Response: New Carbon Capture Subsidy Bill Would Prolong Fossil Fuel Industry’s Power

March 1, 2023By Collin ReesBlog Post, News, Press Releases, Stop Funding Fossils

“CCUS is a dangerous distraction from rapidly and equitably phasing out fossil fuels. Giving more public money to prolong Big Oil’s political power and profits is the wrong approach and a poor use of public funds,” said Collin Rees.  

Response: Biden has nominated a dangerous Wall Street executive for World Bank President

February 23, 2023By OCI TeamBlog Post, Featured, News, Press Releases, Stop Funding Fossils 2 Comments

President Biden’s choice of Ajay Banga is disappointing. This moment demands a World Bank leader who will prioritize the urgency of the climate crisis, not another Big Business executive with no experience in development, environmental work, or the public sector.

Response: Malpass departure must be the start of a fossil free World Bank

February 15, 2023By Bronwen TuckerBlog Post, News, Press Releases, Stop Funding Fossils

“Despite Malpass’s departure, the World Bank Group still funds more fossil fuels than any other multilateral development bank. Ending this support must be top priority ahead of the Bank’s Spring Meetings,” said Tucker.

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