New research shows that Organisation for Economic Co-operation and Development (OECD) countries supported fossil fuel exports by an average of USD 41 billion from 2018-2020, almost five times more than clean energy exports ($8.5 billion).
Credendo’s new policy is meant to implement the Glasgow commitment to end international public finance for fossil fuels by the end of 2022, but it leaves loopholes for existing oil and gas fields and gas-fired power.
Despite the need to rapidly wind-down fossil fuels to avert the worst of the climate crisis, governments worldwide continue to prop up fossil fuel production with huge sums of public money. They may be breaking international law.
A new legal opinion lays out the international law obligations of ECAs that are responsible for tens of billions of dollars per year in support for fossil fuels.
This new legal opinion finds that export credit agencies could be in violation of their international legal obligations if they do not take action to reduce their financing of fossil fuel-related activities imminently.
This report reveals the disconnect between Canada’s promises on climate change and the actions of its official export credit agency, Export Development Canada (EDC), in propping up the oil and gas industry.
Today – just a few months before landmark climate change negotiation in Paris – a little-known working group within the OECD met to discuss a big issue: should rich countries continue to push dirty coal technologies overseas, or should they finally set some limits on financing climate destruction? The question is an important one, as a … Read More
A new analysis of leaked OECD data finds that over the last decade, export credit agency finance has played a significant role in supporting coal power generation globally.