Today, 27 environmental and civil society organizations from Papua New Guinea, the Asia Pacific region and the United States submitted a letter to the U.S. Export-Import Bank (EXIM) urging it to oppose support for the Category A Papua liquefied natural gas project.
Stop Funding Fossils
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 agency’s huge international fossil fuel financing to continue.
Canada’s new fossil fuel subsidy framework contradicts own international policy
Rather than match the international policy, today’s announcement leaves the door open indefinitely to domestic public finance for oil and gas, only committing to “announce by fall 2024 the implementation plan” to phase out these flows.
Italy’s SACE breaks climate promise with $500 million guarantee for Peru oil refinery
Italy’s 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 ‘climate incentives’
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, Olúfémi O. Táíwò, 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.
150+ economists and experts call on Paris Summit leaders to redirect trillions from fossils, debt, and the 1%
150+ economists and experts call on Paris Summit leaders to redirect trillions in public money from fossil fuels, unfair debts, and the super rich to fix global crises
Letter: Global North leaders must redirect trillions from fossils, debt, and the 1% to address global crises
150+ economists and policy experts including Yanis Varoufakis, Jason Hickel, and Olúfémi O. Táíwò are calling on Paris Summit leaders to ensure real global financial system transformation is on the agenda.
Biden at risk of breaking climate promise with $500 million of public finance for LNG imports in Poland
Next week, the U.S. International Development Finance Corporation is likely to consider a $500 million guarantee to help Polish oil and gas company PKN Orlen increase its imports of U.S. LNG, violating Biden’s commitment to end public finance for fossil fuels by the end of 2022.
Shipbuilders likely to face major losses if they expand LNG capacity, new study finds
Shipbuilders face significant risk by overshooting liquefied natural gas (LNG) shipping capacity that is inconsistent with future energy scenarios, according to a new report released today by Climate Analytics and Solutions for Our Climate.