New report shows that between 2020 and 2022, G20 governments and the multilateral development banks (MDBs) provided $142 billion in international public finance for fossil fuels, almost 1.4 times their support for clean energy in the same period.
energy finance
Response to UK Labour Party announcement scaling back its £28 billion climate pledge
Not only does this announcement fly in the face of all the scientific evidence telling us we must go further and faster to secure a liveable planet, it also ignores polling evidence that voters want to see real action on green investment. The Labour Party must uphold their pledge to take serious action on climate change.
Norway joins 40-signatory partnership to end international public finance for fossil fuels
Minutes ago, Norway joined a major international initiative to end international public finance for fossil fuels today at COP28, called the Clean Energy Transition Partnership.
Dutch Climate and Energy Minister estimates NL’s fossil fuel subsidies at up to €46.4 billion a year, campaigners call for phase-out plan
Today the outgoing Dutch Minister for Climate and Energy Policy, Rob Jetten, published an analysis of the Netherlands’ fossil fuel subsidies, estimating these at between €39.7 and €46.4 billion a year, more than 4% of the Netherlands’ GDP.
EXIM under Biden risks repeating mistakes of Obama in supporting Papua LNG
Today, 27 environmental and civil society organizations from Papua New Guinea, the Asia Pacific region and the United States submitted a letter to the U.S. Export-Import Bank (EXIM) urging it to oppose support for the Category A Papua liquefied natural gas project.
Italy’s SACE breaks climate promise with $500 million guarantee for Peru oil refinery
Italy’s export credit agency SACE has approved a $500 million guarantee in loans for the Talara oil refinery in Peru, once again breaking their commitment to end their international public finance for fossil fuels by the end of 2022.
Letter: Global North leaders must redirect trillions from fossils, debt, and the 1% to address global crises
150+ economists and policy experts including Yanis Varoufakis, Jason Hickel, and Olúfémi O. Táíwò are calling on Paris Summit leaders to ensure real global financial system transformation is on the agenda.
Ahead of OECD negotiations, report shows OECD export finance props up fossil fuels, blocking energy transition
New analysis by Oil Change International shows that OECD countries supported fossil fuel exports by an average of $41 billion from 2018 to 2020, almost five times more than clean energy exports. This directly contradicts internationally agreed climate goals, including the Paris Agreement objective to align financial flows with the low-carbon energy transition.
Over 175 organizations launch proposal for the OECD to end export finance support for oil and gas
175+ organizations call on the OECD to end oil and gas finance. As a first step towards this objective, an OECD member must table a proposal to prohibit oil and gas support at next week’s OECD meeting.
Civil Society Joint Position: Oil and Gas Restrictions under the OECD Arrangement on Officially Supported Export Credits
This joint position launched by 175 civil society organisations from 45 countries calls on world leaders to end OECD export finance for oil and gas, and explains how it can be done.