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.
Export Credit Agencies
Report: South Africa Continues to Bankroll Billions in Fossil Fuels
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
Export Development Canada’s new climate targets miss the mark
Export Development Canada (EDC), Canada’s government-backed export credit agency, has long been one of the worst in the world when it comes to backing the fossil fuel industry with public money. Their new climate policy opens the door for meaningful change, but the initial targets are far too weak to get the job done.
Report: G20 Governments Bankrolling the Fossil Fuel Industry with at least $77 Billion a Year
Since the implementation of the Paris Agreement, G20 countries have provided at least USD 77 billion a year in finance for oil, gas, and coal projects.
Still Digging: G20 Governments Continue to Finance the Climate Crisis
This report reveals G20 countries have provided at least $77 billion a year in public finance to oil, gas and coal projects since the Paris Agreement through their international public finance institutions. This government-backed support to fossil fuels from export credit agencies, development finance institutions, and multilateral development banks is more than three times what they are providing to clean energy
Canadian Gov’s EDC set to “invest” in controversial Coastal GasLink pipeline
According to the Star newspaper, a federal Canadian corporation might lend money to support the highly controversial Coastal GasLink pipeline, with a decision expected next week.
Report: G20 Nations Throwing Billions at Fossil Fuel Industry through Export Credit Agencies
A network of secretive, government-backed financial institutions called export credit agencies are handing more than $31 billion USD per year to the oil, gas, and coal industry, new analysis by Oil Change International and Friends of the Earth U.S. shows.
Adding Fuel to the Fire: Export Credit Agencies and Fossil Fuel Finance
This report from Oil Change International and Friends of the Earth U.S. shows that since the Paris Agreement was made, G20 countries have used their export credit agencies to provide nearly 12 times more finance to fossil fuels than to clean energy.
OCI evidence to UK parliament inquiry on public finance for fossil fuels
Today Oil Change International gave evidence to the UK parliament’s Environmental Audit Committee, to contribute to its inquiry into the use of UK Export Finance (UKEF) to support fossil fuel exports and investments.
Risking It All: New report shows how Export Development Canada’s support for fossil fuels drives climate change
A new report released today 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 through government-backed (public) finance.