A new analysis shows the Asian Development Bank has spent $4.7 billion financing gas projects in the region. This undermines its stated commitments on climate and efforts to achieve a “prosperous, inclusive, resilient, and sustainable Asia and the Pacific.”
“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.
“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.”
True climate leadership requires a full reckoning with the realities of what’s driving our climate crisis: fossil fuels. Without a robust plan from rich countries in particular to ramp down fossil fuel production and ramp up support for communities for a just transition to a renewable energy economy, any conversation about ‘climate leadership’ is incomplete at best, or misleading at worst.
In response to the launch of a new Export Finance for the Future coalition (E3F), 21 CSOs from 14 countries released a statement criticizing the lack of ambition from the coalition.
This new coalition will coordinate actions between nations leading the charge on eliminating public finance for fossil fuels, and will build momentum to provide political guidance in future multilateral negotiations.
Last week, the #BuildBackFossilFree coalition held a week of action across the country escalating the demand for President Joe Biden to be a real Climate President and directly confront environmental racism and fossil fuel companies fueling the climate crisis.
At today’s IEA-COP26 Net Zero Summit, International Energy Agency director Dr. Fatih Birol again asserted that his agency “will provide a roadmap for the world to be in line with 1.5 degrees Celsius,” yet stopped short of saying it will be central in the upcoming WEO.
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.
Today sees the release of the data on project financing from the nine major Multilateral Development Banks on the Energy Policy Tracker and a new Big Shift Global briefing, showing that, since the beginning of the pandemic, the Banks provided at least $12 billion to clean energy and $3 billion for fossil fuels.