Promise Breakers, a report released today by Oil Change International, reveals that the stop funding fossils commitment forged at COP26, is already shifting an estimated USD 5.7 billion per year out of fossil fuels and into clean energy, with the potential of a further 13.7 billion per year if all signatories fulfill their commitments.

FOR IMMEDIATE RELEASE 

March 14, 2023

Contact:

Nina Pusic, nina@priceofoil.org 

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. They also neglected taking commitments to end oil and gas export finance forward. 

Governed by the OECD, Export Credit Agencies (ECAs) provide more public finance for fossil fuel projects than any other type of public finance institution, including the Multilateral Development Banks. ECA finance for fossil fuels is over

Approving ConocoPhillips’ dirty and dangerous Willow Project is a tremendous strike against President Biden’s legacy on both climate and environmental justice. The Willow project would be a colossal source of climate pollution, emitting a whopping 278 million metric tons over the next three decades — equivalent to the annual emissions of one-third of all remaining U.S. coal plants.

“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.  

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.