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.
Press Releases
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 āgolden age of gas,’Ā as a result of the current energy crisis cementing an economic case against gas expansion, on top of the clear climate case.
Finland joins growing list of countries restricting international oil & gas finance, leaving Norway the only Nordic country not to do so
Finland joins growing list of countries restricting international oil & gas finance, putting pressure on Norway to follow suit
Activists pressure governments to keep their promise to end public fossil finance ahead of COP27 deadline
Campaigners around the world take action to urge leaders to deliver on their pledge to fully shift international public finance from fossil fuels to clean energy ahead of the COP27 deadline.
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.
CSOs say that Export Finance for Future (E3F) countries must deliver on pledge to stop funding fossil fuels
Today, a month before ministers from Export Finance for Future (E3F) countries gather to discuss progress on aligning their export finance with climate objectives, CSOs are sending letters to urge E3F members to deliver on their stop funding fossils pledge.Ā
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.
France restricts oil and gas finance to meet climate commitments, piling pressure on Germany, USA, Canada to follow suit
France fulfils commitment made at 2021 UN Climate Conference, ending almost all government-backed financing for international 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 Manchinās proposal to undermine environmental and community review and fast-track oil, gas, coal and mining projects.
Release: New āpermitting reformā text from Sen. Joe Manchin would devastate communities, climate
“All Congress members should speak out publicly to stand with frontline communities and reject Joe Manchin’s dirty deal,ā said Collin Rees.