“Today’s announcement by President Biden on international fossil finance is welcome but the lack of firm commitments falls short. We urge the Biden administration to add a clear commitment to an immediate phase-out, with no loopholes for gas or any other continued fossil support.”
Over 400 organizations from 50 countries signing onto a new letter called on the Joe Biden administration to immediately end all U.S. public financing for fossil fuels, including natural gas.
A global set of 60 climate and rights groups has issued a set of “Principles for Paris-Aligned Financial Institutions” to offer a roadmap for the decarbonization of the finance sector on a timetable aligned with the Paris Agreement.
Sixty climate and human rights groups from around the globe have issued a set of “Principles for Paris-Aligned Financial Institutions” to offer a roadmap for the decarbonization of the finance sector on a timetable aligned with the Paris Agreement.
Insurers must end all support for new oil and gas projects in order to meet international climate targets, NGOs supporting the Unfriend Coal / Insure Our Future campaign say in a letter to CEOs released today.
Even before the current COVID-19 crisis, coal was in trouble due to its high carbon content, coupled with high costs. But COVID-19 is accelerating that decline. And once coal is gone, it is not coming back.
Poor transparency from DBSA, IDC, and ECIC means support for oil, gas, and coal likely higher than the ZAR 2.2 billion a year on record
Since the implementation of the Paris Agreement, G20 countries have provided at least USD 77 billion a year in finance for oil, gas, and coal projects.
Today, Japanese environmental NGOs submitted a petition for the cancellation of the Vung Ang 2 Coal-fired Power Generation Project in Vietnam to the Japanese public and private sectors signed by 127 organizations from more than 40 countries and regions.
Sumitomo Mitsui Financial Group announced it will “in principle” not finance any new coal power projects, while advocates in California called on the bank to apply those restrictions to all new coal infrastructure and drop plans to finance a widely opposed coal export terminal.