Governments are still spending billions subsidizing oil, gas and coal. We need to #StopFundingFossils and start investing in the future.
OVERVIEW OF WORK
Since the Paris Agreement, G20 governments have continued to finance more than USD 77 billion dollars annually in fossil fuels through multilateral development banks (MDBs), bilateral development finance institutions (DFIs), and export credit agencies (ECAs). This is three times the support they provide to clean energy. Beyond providing this direct monetary backing, these institutions reduce perceived risk and provide a government stamp of approval on fossil fuel projects that often serves to crowd in private finance. While recently the level of fossil fuel support has started to drop, institutional policies to exclude fossil fuel finance are needed to ensure this progress continues.
While a number of public finance institutions committed to ending coal finance in the early 2010s, it wasn’t until 2017, following years of campaign pressure by Oil Change and others, that the World Bank made a meaningful commitment to stop financing for upstream oil and gas. Following an intense campaign effort, in 2019 the European Investment Bank committed to ending nearly all oil, gas and coal finance. Recently, the UK announced it would end overseas oil and gas finance, and the EU and US, among others, have signalled that they intend to follow suit. Building off these successes, OCI is now working to secure further commitments from governments and public finance institutions on ending public finance for fossil fuels.
LATEST PROGRAM POSTS
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.
Today the Government of Canada released a plan to end new public finance for fossil fuels abroad and instead prioritize clean energy projects.
New Briefing: Despite pledging to stop international financing for fossil fuel projects by the end of 2022, the Italian Government is continuing to actively consider financing for major international fossil fuel projects that could emit greenhouse gas emissions equivalent to at least 3.5 times Italy’s annual emissions.
We are in the business end of the COP27 negotiations, as delegates haggle over the final declaration. As I write the news from Sharm el-Sheikh regarding the all important text is deeply concerning and comprehensively flawed.
LATEST PROGRAM RESEARCH
More than 30 environmental, public health, consumer, and climate groups delivered a letter to members of Congress in opposition to the FUTURE Act (S.1535) and Carbon Capture Act (H.R.3761) - and any attempts in a tax policy package to extend or expand subsidies for enhanced oil production.
This analysis explores the oil production, carbon emissions, and taxpayer cost implications of the proposed changes to Section 45Q in the U.S. tax code in S.1535 and H.R.3761.
The U.S. Export-Import Bank (USEXIM) is the third-largest supporter of fossil fuels among all G20 countries, according to a new report out today from Oil Change International, Friends of the Earth U.S., and WWF's European Policy Office.