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.
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 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.
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.
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).
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.
Yesterday, the message from the world’s leading climate scientists was their most brutal and stark yet. It was unequivocal.
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.
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.
In a landmark decision, the Federal Court of Australia ruled that Santos Ltd, one of the world’s top 20 largest oil and gas companies, would not be allowed to drill in the Barossa gas fields off the coast of northern Australia, solidifying legal victory for the Tiwi Islander Plaintiffs.