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.
Export Credit Agencies
Oil Change International responds to mixed bag at COP28 Finance Day outcomes
Today was Finance Day at the UN climate talks in Dubai, with a mixed bag of outcomes according to Oil Change International campaigners. Multilateral development bank representatives met with the COP28 Presidency, and failed to show progress in redirecting much needed finance for a just energy transition, while export credit agencies indicate a significant drop in fossil fuel support.Â
Over 250 organizations back groundbreaking efforts by OECD countries to end $41 billion a year in fossil fuel finance
Over 250 organizations from 30 countries call on governments to support fellow OECD members’ efforts to end oil and gas export finance at OECD meeting on 6 November 2023.Â
New German climate policy will continue multi-billion overseas fossil fuel finance and break major international climate promise
The German Government is set to break a major international climate commitment, releasing a draft policy today for Euler Hermes, the German export credit agency, which allows the agency’s huge international fossil fuel financing to continue.
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.
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.
Changing the Trade Winds: Aligning OECD Export Finance for energy with climate goals
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).
OECD risks labeling gas and other fossil-based technologies climate-friendly
The OECD has adopted a new list of “climate-friendly” projects that will benefit from preferential financial terms for export support. But a number of projects are poorly defined, potentially allowing for preferential financial incentives for export credit agency investments in gas.
As IPCC demands urgent climate action, Pacific nations step up, but Italy and UK reach new lows as rogue climate states
Yesterday, the message from the world’s leading climate scientists was their most brutal and stark yet. It was unequivocal.
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.