Today the United States and over 20 other countries and institutions from both developed and developing countries committed to end direct international public finance for unabated coal, oil and gas by the end of 2022 and prioritize clean energy finance.
Today at COP26, more than 20 countries and institutions launched a joint statement committing to end direct international public finance for coal, oil and gas by the end of 2022 and prioritize clean energy finance. This initiative could directly shift more than USD 18 billion a year of support out of fossil fuels and into clean energy.
The assessment by Environmental Defence Canada and Oil Change International assesses eight of Canada’s top oil and gas producers, including Imperial (ExxonMobil) and Shell. It finds they are all on track to increase their oil and gas production in Canada, rather than planning a fair transition away from fossil fuels that are fuelling the climate crisis.
The climate plans of major oil and gas companies operating in Canada rank among the worst worldwide and will accelerate the climate crisis rather than help Canada and the world limit warming to 1.5 degrees Celsius (ºC), according to a new report launched at the UN Climate Change Conference.
Our new report “Past Last Call: G20 public finance institutions are still bankrolling fossil fuels” looks at G20 country and MDB public finance for fossil fuels from 2018-2020 for the first time and finds they are still backing at least USD 63 billion per year in oil, gas, and coal projects.
New report updates analysis of public financing for energy projects ahead of expected joint announcement to end these flows at COP26.
“This is a major victory for Indigenous resistance and the climate. Trudeau needs to stop supporting this risky project immediately, and end all fossil fuel subsidies,” said Kyle Gracey of OCI.
The new report shows that Indigenous communities resisting the more than 20 fossil fuel projects analyzed have stopped or delayed greenhouse gas pollution equivalent to at least 25 percent of annual U.S. and Canadian emissions.
Today, Canada’s export bank, Export Development Canada (EDC), released new climate targets.
More than 500 organizations called on policymakers in the U.S. and Canada to reject Carbon Capture and Storage (CCS) as a dangerous distraction and to end the “carbon capture of climate policy.”