New briefings show that while some banks are making good progress, many are still financing billions of dollars in fossil fuel projects despite mounting climate impacts and global commitments like the Paris Agreement.
finance
To really hit Trump on climate change, other G20 leaders must end fossil fuel handouts
A Trump vs. the world showdown is brewing at this year’s G20 leaders’ summit, July 7 and 8 in Hamburg, Germany. After pulling the United States out of the Paris Agreement, Trump’s climate denial will likely take a beating from other G20 governments, who nearly all say they support strong climate action. An ugly diplomatic … Read More
RELEASE: Multilateral Development Banks Continue to Fund Fossil Fuels, Lag Behind in Renewables
Despite vocal commitments to help tackle climate change, six key multilateral banks (MDBs) financed over $7 billion in coal, oil, and gas projects in 2015, and funded a total of $83 billion in fossil fuels from 2008-2015.
Fossil Fuel Finance at the Multilateral Development Banks: The Low-Hanging Fruit of Paris Compliance
A new analysis finds that six major multilateral development banks provided over $7 billion in public financing for fossil fuels in 2015, and over $83 billion in financing for fossil fuels from 2008 to 2015, despite public claims of the urgent need for action on climate.
Carbon Trap: How International Coal Finance Undermines the Paris Agreement
An update to our previous reports on international coal finance, this report confirms that financing for coal threatens to undermine the Paris Agreement’s aims.
Fact Sheet: Fossil Free Finance at The World Bank
If the world is going to meet the goals of the Paris Agreement on climate change, international financial institutions—including the World Bank—must do their part. The World Bank has made commitments to fight against climate change but continues to finance fossil fuel exploration, production, and combustion—the primary drivers of climate change.
Oil Change International Statement on China’s Announcement to Limit Investment in Polluting Projects
In moving towards an end to government funding for the fossil fuel industry, President Obama and President Xi are demonstrating real, substantive progress towards the 2009 G20 Leader’s Pledge of phasing out fossil fuel subsidies.
New report lifts the rug on billions of secret public finance for a dying coal industry
A new report released today by Oil Change International, Natural Resources Defense Council (NRDC), and World Wide Fund for Nature (WWF) exposes for the first time a web of billions of dollars of public finance flowing to support the coal industry each year by way of export support, development aid and general finance.
Under the Rug: How Governments and International Institutions are Hiding Billions in Support to the Coal Industry
Combining all known public sources, and augmenting them with subscription industry databases, this report makes comprehensive information on public financing for coal easily accessible for the first time.
Analysis: World Bank Group increases spending on fossil fuels
New analysis released today by Oil Change International shows that, despite repeated calls for urgent action on climate change, the World Bank Group increased funding for fossil fuels in its last fiscal year. This increase comes during the first full fiscal year following the World Bank’s announced commitment to limit coal financing due to climate concerns.