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.
Stop Funding Fossils
Italy breaks climate promise to end public financing for international fossil fuel projects, publishing ‘worst-in-class’ climate policy
Italy breaks climate promise to end public financing for international fossil fuel projects, publishing ‘worst-in-class’ climate policy Italy publishes policy that continues investments in new fossil fuel projects, breaking commitment made at 2021 UN COP26 climate summit. Policy denies climate science and fossil fuel phase-out trajectories presented by the IPCC on the same day Civil … Read More
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.
Promise Breakers: Assessing the impact of compliance with the Glasgow Statement commitment to end international public finance for fossil fuels
New research shows stop funding fossils commitment forged at the 2021 UN climate summit is already shifting an estimated USD 5.7 billion per year out of fossil fuels and into clean energy. If all signatories fulfill their commitments, then a further 13.7 billion per year will be shifted out of fossil fuels and into clean energy.
OECD fails to make progress on aligning with 1.5°C, stalling urgent climate action for over 6 months
FOR IMMEDIATE RELEASE March 14, 2023 Contact: Nina Pusic, nina@priceofoil.org 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 … Read More
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.
Over 175 organizations launch proposal for the OECD to end export finance support for oil and gas
175+ organizations call on the OECD to end oil and gas finance. As a first step towards this objective, an OECD member must table a proposal to prohibit oil and gas support at next week’s OECD meeting.
Civil Society Joint Position: Oil and Gas Restrictions under the OECD Arrangement on Officially Supported Export Credits
This joint position launched by 175 civil society organisations from 45 countries calls on world leaders to end OECD export finance for oil and gas, and explains how it can be done.
Response: Biden has nominated a dangerous Wall Street executive for World Bank President
President Biden’s 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.