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.
fossil fuel finance
Amicus Curiae: “It is the duty of States to phase out fossil fuel production”
This amicus curiae, submitted to the Inter-American Court of Human Rights, outlines the duty of States to phase out fossil fuel production and use in order to comply with the 1.5°C temperature limit.
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.
Norway joins 40-signatory partnership to end international public finance for fossil fuels
Minutes ago, Norway joined a major international initiative to end international public finance for fossil fuels today at COP28, called the Clean Energy Transition Partnership.
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.
REVEALED: Taxpayer-funded fossil fuel projects from the U.S., Germany, and Italy breach international climate commitments
Rich countries have continued to approve USD 4.4 billion in international public finance despite committing to end this support by the end of 2022. Six countries including the United States, Germany, Italy and Japan have at least 26 fossil fuel projects awaiting approvals, with Germany having the biggest number of projects pending.
Banking on Climate Chaos 2023: Fossil Fuel Finance Report
This report, Banking on Climate Chaos 2023, analyzes fossil fuel financing and policies from the world’s 60 largest commercial and investment banks. We reveal that fossil fuel financing from the world’s 60 largest banks has reached nearly USD $5.5 trillion in the seven years since the adoption of the Paris Agreement, with $673 billion in 2022 alone.
New Report: Canadian Bank RBC the #1 Financier of Fossil Fuels, World’s Biggest Banks Continued to Pour Billions into Fossil Fuel Expansion
In the seven years since the Paris Agreement was adopted, the world’s 60 largest private banks financed fossil fuels with USD $5.5 trillion. The report lays bare the shocking fact that even as fossil fuel companies made $4 trillion in profits in 2022, banks still provided $673 billion in financing. Remarkably, this happened while oil majors like Exxon Mobil and Shell PLC asked for $0 financing from banks in 2022.
Pressure grows on World Bank boss to quit over funding of climate chaos
Last week, civil society advocates from across the world convened outside the Washington DC headquarters of the World Bank to protest the Bank’s highly controversial financing of deadly fossil fuel projects.
Banking on Climate Chaos 2022: Fossil Fuel Finance Report
This report, Banking on Climate Chaos 2022, analyzes fossil fuel financing and policies from the world’s 60 largest commercial and investment banks. We reveal that fossil fuel financing from the world’s 60 largest banks has reached nearly USD $4.6 trillion in the six years since the adoption of the Paris Agreement, with $742 billion in 2021 alone.