President Biden’s choice of Ajay Banga is disappointing. This moment demands a World Bank leader who will prioritize the urgency of the climate crisis, not another Big Business executive with no experience in development, environmental work, or the public sector.
The Sky’s Limit Africa assesses fossil fuel industry plans to sink USD $230 billion into the development of new extraction projects in Africa in the next decade — and USD $1.4 trillion by 2050. It finds these projects are not compatible with a safe climate future and that they are at risk of becoming stranded assets that leave behind unfunded clean-up, shortfalls of government revenue, and overnight job losses.
New analysis details why a just energy transition in Africa requires an end to new oil, gas, and coal extraction projects
The plan leaves the door open for new gas finance and keeps existing loopholes for continued support for all fossil fuels.
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
This report aims to provide a picture of the public finance flowing to energy infrastructure in Africa from fiscal years 2014 through 2016. It covers development finance institutions including multilateral development banks, as well as the national development banks and export credit agencies of the countries providing the most public finance to energy in Africa.
Yesterday, UN Secretary-General Ban Ki-moon stressed the importance of making energy available to the poor as a foundation for combating poverty as world leaders gathered in New York this week at the Millennium Development Goal Summit. At a high-level event yesterday, the Secretary General said that it is lack of political will that is keeping … Read More
Nigeria “wasted” 30 years of oil income, the head of the International Monetary Fund (IMF) Dominique Strauss-Kahn said yesterday as he warned the country against the dangers of neglecting the non-oil sectors of its economy. “Nigeria has had 40 years of oil but for the first 30 years it wasted the proceeds from that oil,” … Read More
The US House of Representatives missed an important opportunity to end oil aid in a bill [Acrobat pdf] that will “re-authorize” the Overseas Private Investment Corporation (OPIC) – one of two agencies in the US government that uses taxpayer dollars to provide financing, insurance and guarantees to US businesses wanting to expand their operations in … Read More
Representatives Maxine Waters (Democrat from California) and Spencer Bachus (Republican from Alabama) have introduced the 2007 Jubilee Act for Responsible Lending and Expanded Debt Cancellation (HR 2634) in the United States House of Representatives. Oil Change International has been working with Jubilee USA on the connection between oil dependence and the debt trap, and the … Read More