The plan leaves the door open for new gas finance and keeps existing loopholes for continued support for all fossil fuels.
In an open letter released as part of a week of action against the company ahead of their June 8 Annual General Meeting, signatories detailed the threats that ReconAfrica’s potential development poses for human rights, Indigenous rights, local livelihoods, drinking water for over 1 million people, the global climate, and a critical and world-famous ecosystem.
At this year’s G7 meeting countries are discussing how to “build back better” towards a “greener, more prosperous future.” This factsheet explains the current state of G7 finance for fossil fuels and why it needs to shift to clean energy.
“Big Oil’s continued existence is the single biggest threat to our climate, and it’s long past time to end giveaways of public money to fossil fuel companies once and for all,” said Rees.
Local and national organizations across the country are coming together for the virtual Rally to End Polluter Welfare because it’s time for Congress to fund our futures instead of fossil fuels.
Despite the need to rapidly wind-down fossil fuels to avert the worst of the climate crisis, governments worldwide continue to prop up fossil fuel production with huge sums of public money. They may be breaking international law.
“Today’s announcement by President Biden on international fossil finance is welcome but the lack of firm commitments falls short. We urge the Biden administration to add a clear commitment to an immediate phase-out, with no loopholes for gas or any other continued fossil support.”
In response to the launch of a new Export Finance for the Future coalition (E3F), 21 CSOs from 14 countries released a statement criticizing the lack of ambition from the coalition.
This report analyzes fossil fuel financing from the world’s 60 largest commercial and investment banks — aggregating their leading roles in lending and underwriting of debt and equity issuances — and reveals that these banks poured a total of USD $3.8 trillion into fossil fuels from 2016–2020.
Over 400 organizations from 50 countries signing onto a new letter called on the Joe Biden administration to immediately end all U.S. public financing for fossil fuels, including natural gas.