New Money Behind the Mountain Valley Pipeline: Eight U.S. Banks Dominate the Top 10 Backers

November 12, 2020By Oil Change InternationalBriefings, Stopping Carbon Lock-In 1 Comment

A new report by Oil Change International on the Mountain Valley Pipeline (MVP) reveals that banks have continued pouring money into the project over recent years, despite numerous warnings that the project has been financially unsustainable and a threat to the climate.

This analysis, an update to our 2017 report, reveals that the estimated cost of the Mountain Valley Pipeline has nearly doubled since 2017, increasing the potential project cost from USD 3.5 billion to between $6.3 and $6.5 billion.

Statement: France fails to show climate leadership with proposed export finance policy

October 12, 2020By LaurieBlog Post, Featured, News, Press Releases, Stop Funding Fossils, Stopping Carbon Lock-In, Subsidy Spotlight

Today, the French government outlined new measures aimed at greening the country’s export credit support policy. Under the proposed new policy, France will continue supporting fossil fuel projects worldwide until at least 2035. OCI urges the French government to reconsider this end date as it is grossly misaligned with the Paris Agreement.

Fracking Fiasco: New report names Wells Fargo and JPMorgan Chase as main players funding U.S. shale bust

September 24, 2020By Oil Change InternationalBlog Post, Featured, Press Releases, Stopping Carbon Lock-In

A new report by Oil Change International and Rainforest Action Network (RAN) shows how major banks have continued pouring money into fracking companies in recent years despite numerous warnings that the sector was financially unsustainable — on top of the well-documented environmental, health and climate impacts of the industry.