New research shows stop funding fossils commitment forged at the 2021 UN climate summit is already shifting an estimated USD 5.7 billion per year out of fossil fuels and into clean energy. If all signatories fulfill their commitments, then a further 13.7 billion per year will be shifted out of fossil fuels and into clean energy.
Stop Funding Fossils
OECD fails to make progress on aligning with 1.5°C, stalling urgent climate action for over 6 months
Last week, OECD countries failed to conclude negotiations on climate friendly incentives to align Export Credit Agencies, the world’s largest international financiers of fossil fuels, with international climate goals.
Response: New Carbon Capture Subsidy Bill Would Prolong Fossil Fuel Industry’s Power
“CCUS is a dangerous distraction from rapidly and equitably phasing out fossil fuels. Giving more public money to prolong Big Oil’s political power and profits is the wrong approach and a poor use of public funds,” said Collin Rees.
Over 175 organizations launch proposal for the OECD to end export finance support for oil and gas
175+ organizations call on the OECD to end oil and gas finance. As a first step towards this objective, an OECD member must table a proposal to prohibit oil and gas support at next week’s OECD meeting.
Civil Society Joint Position: Oil and Gas Restrictions under the OECD Arrangement on Officially Supported Export Credits
This joint position launched by 175 civil society organisations from 45 countries calls on world leaders to end OECD export finance for oil and gas, and explains how it can be done.
Response: Biden has nominated a dangerous Wall Street executive for World Bank President
President Biden’s choice of Ajay Banga is disappointing. This moment demands a World Bank leader who will prioritize the urgency of the climate crisis, not another Big Business executive with no experience in development, environmental work, or the public sector.
Response: Malpass departure must be the start of a fossil free World Bank
“Despite Malpass’s departure, the World Bank Group still funds more fossil fuels than any other multilateral development bank. Ending this support must be top priority ahead of the Bank’s Spring Meetings,” said Tucker.
Spain’s export credit agency restricts fossil fuel finance, but leaves major gas loopholes
Policy falls short of a major pledge Spain made at the 2021 COP26 UN climate summit to stop financing fossil fuel projects.
Blocking a Carbon Bomb: Tiwi Islanders prevent $4.7 billion Barossa offshore gas project in Australia
In a landmark decision, the Federal Court of Australia ruled that Santos Ltd, one of the world’s top 20 largest oil and gas companies, would not be allowed to drill in the Barossa gas fields off the coast of northern Australia, solidifying legal victory for the Tiwi Islander Plaintiffs.
New Zealand implements policy to live up to commitment to end international fossil fuel finance raising pressure on Australia to follow suit
Aotearoa New Zealand has released a new policy to live up to its 2021 COP26 UN climate summit commitment to end international finance for fossil fuels, including oil and gas, by the end of 2022.