Credendo’s new policy is meant to implement the Glasgow commitment to end international public finance for fossil fuels by the end of 2022, but it leaves loopholes for existing oil and gas fields and gas-fired power.
CSOs say E3F countries need to act with urgency and integrity to meet commitments to end export finance for fossil fuels
The time has come for ambitious E3F action, not just ambitious words. We do not want to see a year of vague compromises and exceptions that water the commitment down and lead to continued support for fossil fuels, such as gas – as this not only puts the climate at risks, it also locks countries in the south into fossil dependence with all the economic risks that come along.
New research: E3F countries need to shift their EUR 20 billion in export finance for fossil fuels to renewables
A policy brief released today by OCI and ODI shows that despite their commitment to align financial flows with climate goals under the Paris Agreement adopted in 2015, the E3F countries still provided €20 billion in export finance for fossil fuel projects abroad between 2018 and 2020.