To have any hope of meeting globally-agreed climate goals, global financial flows must rapidly align with low-emission, climate-resilient development, and government-backed public finance institutions like the World Bank must signal this transition.
coal finance
Fact Sheet: Despite Paris Agreement, Governments Still Fund Billions in Fossil Fuel Finance Each Year
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.
Financing Climate Disaster: How Export Credit Agencies Are a Boon for Oil and Gas
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.
U.S. export credit agency spends nearly $6 billion to finance fossil fuel projects abroad
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.
Even after Paris, World Bank continues to fund climate chaos
A new briefing shows that about one-quarter of multilateral development banks’ energy investments between fiscal years 2014 and 2016 flowed to fossil fuel infrastructure, directly at odds with efforts to fight climate change.
Cross Purposes: After Paris, Multilateral Development Banks Still Funding Billions in Fossil Fuels
A new report shows how multilateral development banks, including the World Bank, gave over $9 billion in funding for fossil fuel projects in 2016, nearly all of it following the Paris Agreement being reached and despite claims that they were acting on climate and adjusting their investment strategies.
Briefings: Multilateral Development Banks Continue to Fund Billions in Fossil Fuel Projects Despite Paris Agreement
New briefings show that while some banks are making good progress, many are still financing billions of dollars in fossil fuel projects despite mounting climate impacts and global commitments like the Paris Agreement.
Carbon Trap: How International Coal Finance Undermines the Paris Agreement
An update to our previous reports on international coal finance, this report confirms that financing for coal threatens to undermine the Paris Agreement’s aims.
Swept Under the Rug: How G7 nations conceal public financing for coal around the world
In providing public finance for coal projects, Japan ranks as the worst offender among the G7 nations for supporting more than $22 billion in overseas coal projects from 2007-2015, and for plans to finance another $10 billion in future coal projects. Other G7 nations also financed coal development between 2007-2015
What do Japan and the tobacco industry have in common?
“Cigarettes are good for you.” The tobacco industry successfully peddled this myth for decades. Today, nobody would believe them, and the boldness of the lie seems staggering in retrospect. But Japan, under the leadership of Prime Minister Shinzo Abe, seems determined to give the tobacco industry a run for its money with another big lie: … Read More