Italyâs 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.
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Response: IPCC’s Report Raises the Alarms to Code Red
“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
Today, Pacific Island governments committed to create a âFossil Fuel Free Pacificâ 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
Last week, OECD countries failed to conclude negotiations on climate friendly incentives to align Export Credit Agencies, the worldâs largest international financiers of fossil fuels, with international climate goals.
Response: New Carbon Capture Subsidy Bill Would Prolong Fossil Fuel Industryâs Power
âCCUS is a dangerous distraction from rapidly and equitably phasing out fossil fuels. Giving more public money to prolong Big Oilâs political power and profits is the wrong approach and a poor use of public funds,” said Collin Rees. Â
Response: Biden has nominated a dangerous Wall Street executive for World Bank President
President Bidenâs 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
“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.
Spain’s export credit agency restricts fossil fuel finance, but leaves major gas loopholes
Policy falls short of a major pledge Spain made at the 2021 COP26 UN climate summit to stop financing fossil fuel projects.
Three Strikes and Youâre Out: Manchinâs Dirty Deal goes down in flames a third time
âThe Senateâs rejection of this dangerous bill is a resounding victory for environmental justice communities and the climate,â said Rees.
Canada delivers on climate promise, takes significant step towards ending public fossil finance
Today the Government of Canada released a plan to end new public finance for fossil fuels abroad and instead prioritize clean energy projects.