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.
The Netherlands contradicts COP26 promise, moves ahead to support 30 year oil and gas production project in Brazil
The Netherlands just contradicted its COP26 pledge to end public finance for fossil fuels by the end of 2022 and shift this money to clean energy by issuing a commitment to insure the Brazil Santos Basin Pre-Salt Pole oil and gas production project for around USD 321 million.
Italy breaks climate promise to end public financing for international fossil fuel projects, publishing ‘worst-in-class’ climate policy
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
“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.
Last Chance Alliance: California Issues Hundreds of Neighborhood Oil Drilling Permits in Blow to Environmental Justice
Climate justice advocates expressed outrage at California state oil regulator CalGEM over the recent approval of hundreds of oil and gas rework permits to continue dangerous oil operations within 3,200 feet of communities.
Block of 6 Pacific countries commit to spearhead global fossil fuel phase-out effort
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.
New report: Commitment to end international finance for fossil fuels is shifting billions, but key countries breaking promises missing in action
Promise Breakers, a report released today by Oil Change International, reveals that the stop funding fossils commitment forged at COP26, is already shifting an estimated USD 5.7 billion per year out of fossil fuels and into clean energy, with the potential of a further 13.7 billion per year if all signatories fulfill their commitments.
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 world’s largest international financiers of fossil fuels, with international climate goals.
Response: Oil Change Int’l Condemns Biden Approval of Willow Oil Project
Approving ConocoPhillips’ dirty and dangerous Willow Project is a tremendous strike against President Biden’s legacy on both climate and environmental justice. The Willow project would be a colossal source of climate pollution, emitting a whopping 278 million metric tons over the next three decades — equivalent to the annual emissions of one-third of all remaining U.S. coal plants.
Response: New Carbon Capture Subsidy Bill Would Prolong Fossil Fuel Industry’s Power
“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.