Today’s announcement comes after the Netherlands, Germany and Spain confirmed their participation in the initiative earlier this week and alongside confirmations from Belgium and Sri Lanka today. The French development bank — AFD — had already signed up to the statement, but not the French government as a whole.
Stop Funding Fossils
Spain joins commitment to end international oil, gas, and coal finance, bringing total for potential finance shifted to USD 23.6 billion per year
This increases the number of signatories to 30 and the annual average of potential public finance shifted out of fossil fuels and into clean energy to at least USD 23.6 billion per year. This equals 37% of annual public finance for fossil fuels provided by G20 countries and the Multilateral Development Banks (MDBs) between 2018 and 2020.
Germany joins commitment to end international oil, gas, coal finance, bringing total for potential finance shifted to USD 21.7 billion per year
This increases the number of signatories to 29 and the annual average of potential public finance shifted out of fossil fuels and into clean energy to at least USD 21.7 billion per year.
Netherlands joins commitment to end international oil, gas, and coal finance, leaving Germany and France lagging behind
Last Thursday on November 4, 25 countries and institutions committed to end international public finance for unabated oil, gas, and coal by the end of 2022 at the United Nations climate conference in Scotland (COP26). Today, the Netherlands has confirmed that it will also join the initiative.
United States joins 20+ countries in committing to end international finance for oil, gas, & coal by end 2022
Today the United States and over 20 other countries and institutions from both developed and developing countries committed to end direct international public finance for unabated coal, oil and gas by the end of 2022 and prioritize clean energy finance.
CSOs welcome historic 20+ country-strong commitment to end international oil, gas, and coal finance by end of 2022, say others need to follow
Today at COP26, more than 20 countries and institutions launched a joint statement committing to end direct international public finance for coal, oil and gas by the end of 2022 and prioritize clean energy finance. This initiative could directly shift more than USD 18 billion a year of support out of fossil fuels and into clean energy.
Past Last Call: G20 public finance institutions are still bankrolling fossil fuels
Our new report “Past Last Call: G20 public finance institutions are still bankrolling fossil fuels” looks at G20 country and MDB public finance for fossil fuels from 2018-2020 for the first time and finds they are still backing at least USD 63 billion per year in oil, gas, and coal projects.
New Report: G20 governments Have Bankrolled More Than $188 Billion in Fossil Fuels Since 2018
New report updates analysis of public financing for energy projects ahead of expected joint announcement to end these flows at COP26.
New OECD coal financing restrictions represent weak progress
Today the OECD Export Credit Group announced new restrictions on its support for overseas coal projects. The restrictions do not address export finance for coal mines and related infrastructure, nor oil and gas financing even if the latest IEA report shows that investments in new fossil fuel production need to end this year to limit warming to 1.5°C.
Statement: CSOs call on world leaders to end public finance for fossil fuels in 2021
One day before world leaders meet to discuss the energy transition at the United Nations High Level Dialogue on Energy, more than 200 civil society organizations (CSOs) from over 40 countries have released a statement calling on world leaders to end international public finance for coal, oil and gas.