“The World Bank is falling short by doubling down on fossil fuel transportation investments that will lock in climate chaos while creating new sources of sickening pollution for communities around the globe,” said Collin Rees.
10,000+ transactions since 2013 show G20 governments and multilateral development banks continue to finance more oil, gas, and coal than clean energy.
The communities most at risk from new fossil fuel extraction are primarily Black, Brown and Indigenous peoples, people of the global majority and those on the frontlines of fossil fuel industry expansion.
“True energy independence means rejecting fossil fuel expansion and ending Big Oil’s greed while rapidly building out renewable energy on public lands and beyond,” said Rees.
Climate and environmental justice groups are raising concerns about a lack of transparency around the US-EU Joint Task Force for Energy Security that the Biden Administration announced on March 25.
“Furthering fossil fuel dependence would be the worst possible choice for Biden and von der Leyen in a critical moment — we need to double down on clean, renewable energy,” said Collin Rees.
“The industry is substantially responsible for bringing us to the brink of disaster, following decades of climate denial, lobbying against action and pushing for continued government support,” said Lorne Stockman.
“True energy security means affordable, reliable, and fossil-free energy for all communities,” said Rees. “Congress should reject Big Oil and Gas’s cynical attempts to profit from human suffering and pass this bill immediately.”
Released today, the 13th annual Banking on Climate Chaos report, the most comprehensive global analysis on fossil fuel banking to date, underscores the stark disparity between public climate commitments being made by the world’s largest banks, versus the reality of their largely business-as-usual financing to the fossil fuel industry.
As American families continue to be hammered by skyrocketing gasoline prices, U.S. oil and gas companies are poised to reap tens of billions in windfall profits thanks to high wartime prices.