Credendo’s new policy is meant to implement the Glasgow commitment to end international public finance for fossil fuels by the end of 2022, but it leaves loopholes for existing oil and gas fields and gas-fired power.
Stop Funding Fossils
Report: Countries could shift almost USD 28 billion/year from fossil fuels to jump-start the energy transition—if they follow through on their pledges
The Glasgow Statement on public finance requires signatories to end new direct overseas support for fossil fuels by the end of 2022 and fully prioritize finance for a clean and just energy transition. But only a handful of signatories have begun to turn these pledges into action.
CSOs condemn G7 leaders for caving in to gas industry and weakening pledge to end international public finance for fossil fuels
G7 leaders watered down a commitment made in May by their energy ministers to end international public finance for fossil fuels by the end of this year, drawing a swift rebuke from climate and development campaigners.
Response: G7 ministers pledge to end public finance for fossil fuels by the end of this year, prioritizing clean energy support instead
Today G7 climate, energy and environment ministers issued a communique committing to end public finance for fossil fuels by the end of this year.
Opportunity to shift G7 finance from fossils to clean energy
This briefing illustrates how G7 public finance flows remain severely misaligned with climate goals. G7 public finance for fossil fuels between 2018 and 2020 totalled over USD 100 billion, four times its support for renewable energy.
122 CSOs warn there is only six months left to meet joint COP26 commitment to end international public finance for fossil fuels
Russia’s war in Ukraine and fuel price spikes mean international public finance institutions must roll out rapid decarbonization and aid packages, not back track by locking in new fossil infrastructure.
We just launched a database to expose the institutions using our money to fund fossils
Public Finance for Energy Database tracks all energy-related transactions from G20 bilateral development finance institutions (DFIs), G20 export credit agencies (ECAs), and the major multilateral development banks (MDBs). This includes 14,000 transactions going back as far as 2008 and totaling nearly $2 trillion.
New report finds International Monetary Fund must curb its support for fossil fuels
“As many Global South countries face the worst debt crises we have seen in a generation and climate disasters at the same time, the IMF has a lot to answer for,” said Bronwen Tucker.
Rep. Jared Huffman, Advocates Call on World Bank to Stop Financing Dirty Fuel-Based Transport Projects
“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.
Oil Change International launches first of its kind Public Finance for Energy Database
10,000+ transactions since 2013 show G20 governments and multilateral development banks continue to finance more oil, gas, and coal than clean energy.