France fulfils commitment made at 2021 UN Climate Conference, ending almost all government-backed financing for international fossil fuel projects.
By Nina Pusic Often hidden from public view, export credit agencies (ECAs) hold a make-or-break role when it comes to achieving the 1.5°C warming goals of the Paris Agreement and averting climate catastrophe. Their export support, in the form of loans, loan guarantees and insurance, helps domestic companies limit the risk of selling goods … Read More
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.
Our new report “Past Last Call: G20 public finance institutions are still bankrolling fossil fuels” looks at G20 country and MDB public finance for fossil fuels from 2018-2020 for the first time and finds they are still backing at least USD 63 billion per year in oil, gas, and coal projects.
Today, Canada’s export bank, Export Development Canada (EDC), released new climate targets.
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.
“Today’s announcement by President Biden on international fossil finance is welcome but the lack of firm commitments falls short. We urge the Biden administration to add a clear commitment to an immediate phase-out, with no loopholes for gas or any other continued fossil support.”
President Joe Biden has made good start on climate change. But one area that the President is coming under pressure is to take action over fossil fuel subsidies and finance.
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