Today the outgoing Dutch Minister for Climate and Energy Policy, Rob Jetten, published an analysis of the Netherlandsā fossil fuel subsidies, estimating these at between ā¬39.7 and ā¬46.4 billion a year, more than 4% of the Netherlandsā GDP.
Stop Funding Fossils
REVEALED: Taxpayer-funded fossil fuel projects from the U.S., Germany, and Italy breach international climate commitments
Rich countries have continued to approve USD 4.4 billion in international public finance despite committing to end this support by the end of 2022. Six countries including the United States, Germany, Italy and Japan have at least 26 fossil fuel projects awaiting approvals, with Germany having the biggest number of projects pending.
Fossil Finance Violations: Tracking Fossil Fuel Projects that violate commitments to end international public finance for fossil fuels
Two weeks before global leaders gather for the UN Climate Ambition Summit in New York, new analysis by Oil Change International shows that several major countries continue to pump $4.4 billion in public finance into international fossil fuel projects despiteĀ committing to end this support by the end of 2022.
New study estimates The Netherlandsā fossil fuel subsidies at ā¬37.5 billion per year, despite long-standing promises to end this support.
Never before has there been such a detailed, peer-reviewed mapping of fossil fuel subsidies in the Netherlands. The report identifies 31 fossil fuel subsidies that, combined, provide ā¬37.5 billion per year in fossil fuel subsidies between 2020 and 2022.
EXIM under Biden risks repeating mistakes of Obama in supporting Papua LNG
Today, 27 environmental and civil society organizations from Papua New Guinea, the Asia Pacific region and the United States submitted a letterĀ to the U.S. Export-Import Bank (EXIM) urging it to oppose support for theĀ Category AĀ Papua liquefied natural gas project.Ā
New German climate policy will continue multi-billion overseas fossil fuel finance and break major international climate promise
The German Government is set to break a major international climate commitment, releasing a draft policy today for Euler Hermes, the German export credit agency, which allows the agencyās huge international fossil fuel financing to continue.
Canadaās new fossil fuel subsidy framework contradicts own international policy
Rather than match the international policy, todayās announcement leaves the door open indefinitely to domestic public finance for oil and gas, only committing to āannounce by fall 2024 the implementation planā to phase out these flows.
Italyās SACE breaks climate promise with $500 million guarantee for Peru oil refinery
Italyās export credit agency SACE has approved a $500 million guarantee in loans for the Talara oil refinery in Peru, once again breaking their commitment to end their international public finance for fossil fuels by the end of 2022.
OECD allows support for fossil-based technologies under agreed āclimate incentivesā
Instead of ending oil and gas finance, the OECD has enacted new public financial incentives for the fossil fuel industry, including for hydrogen and ammonia created from fossil gas, as part of its new “climate-friendly” incentives for Export Credit Agencies (ECAs).
Paris Summit at risk of letting fossil fuel companies & Global North leaders off the hook for climate and inequality
Earlier this week a coalition of 150+ economists and policy experts including Yanis Varoufakis, Jason Hickel, OlĆŗfĆ©mi O. TĆ”ĆwĆ², Nader Habibi, and Isabelle Ferreras sent a letter to Global North leaders, calling on them to pay their fair share for a just energy transition with trillions in public reparations, and to allow democratic and people-centred reforms to the global financial system they have a disproportionate control over.Ā