All financial institutions, public and private, including the World Bank, must still work toward aligning their finance with the aim of keeping global temperature increase below 1.5 degrees Celsius, but today, the World Bank set a high new bar in climate leadership.
Today at the One Planet Summit the World Bank set a new bar for financial climate leadership by committing to end finance for oil and gas extraction and exploration projects.
Instead of funding clean energy solutions, G20 governments and multilateral development banks still overwhelmingly fund the problem, averaging nearly $72 billion per year in public finance for fossil fuels compared to less than $19 billion per year for renewable energy.
A handful of wealthy countries are still funding fossil fuels instead of climate action, giving 3.6 times more public money to prop up fossil fuels than they’re giving to developing countries to address climate change.
With just a few days left until the 19th Conference of the Parties (COP) of the United Framework Convention on Climate Change (UNFCCC) conference draws to a close, time is running out to reach a meaningful agreement on providing climate finance for developing countries – a key component of the negotiations. But as shown in … Read More
Here in Doha for the UN climate negotiations, we’ve just released new analysis that shows that fossil fuel subsidies in rich countries are, on average, five times greater than those same countries’ pledges towards climate finance.
Our latest report finds that global fossil fuel production and consumption subsidies are at least $775 billion annually and could be $1 trillion or even more. There is an urgent need for transparency in subsidy reporting.
Undermining its own credibility in Copenhagen and the integrity of its pledge to phase out support for fossil fuels, an agency of the Obama Administration, the United States Export-Import Bank, has reportedly approved $3 billion in financing for an Exxon led consortium constructing a liquefied natural gas plant on Papua New Guinea. The Obama Administration … Read More