“This is an important step by the IFC to redirect its investment to align with the Paris Agreement on climate change, and other financial institutions should sit up and pay attention,” said Alex Doukas of Oil Change International
fossil fuel finance
Oil Change International Responds to EBRD Release of Draft Energy Sector Strategy
Yesterday, the European Bank for Reconstruction and Development (EBRD) released a revised draft of its energy sector strategy. The draft of the new strategy is due to be finalized by the end of 2018, and will have bearing on billions of dollars in public finance for energy.
Letter: 65 Groups from 28 Countries Tell EBRD and EIB to Stop Financing Fossil Fuels
As EBRD and EIB prepare for their respective energy sector strategy reviews, 65 civil society groups from 28 countries released an open letter being sent to top EBRD and EIB officials demanding that they stop financing oil, gas, and coal projects.
Big Shift Global reaction to World Bank battery storage announcement
“While this new commitment is an important step forward, it’s not enough. Millions of people are currently being left behind when it comes to accessing clean, affordable energy. The World Bank must commit to significantly scaling up its finance to support energy access for those without it, particularly for distributed renewable energy solutions.”
Statement on the G7 Energy Ministers’ Reaffirmed Commitment to Phase Out Fossil Fuel Subsidies
“G7 countries must turn words into action and develop a detailed roadmap for phasing out fossil fuel subsidies by 2025. For Canada, this responsibility ultimately lies with Environment and Clean Growth Minister Catherine McKenna and Finance Minister Bill Morneau,” said experts from the #StopFundingFossils coalition.
Oil Change International responds to court’s quashing of Trans Mountain’s approval
“De facto halting this dangerous project keeps open the only credible path for Canada to live up to its obligation to fight climate change. Building new, long-lived pipelines in support of ever-growing oil production and export is wholly incompatible with the rapid transition away from fossil fuels required.”
Oil Change Int’l responds to Canada’s deal to purchase Kinder Morgan assets
“It’s not surprising that Kinder Morgan – successor to fraud-plagued Enron – wants to unload this boondoggle onto taxpayers. What’s surprising and disappointing is that Canada fell for it.”
Report Finds Major Banks Ramped Up Fossil Fuel Financing to $115 Billion in 2017
The report finds that major private banks funneled $115 billion into extreme fossil fuels in 2017, an increase of 11% from 2016. The single biggest driver of the increase in financing came from the tar sands sector, where financing grew by 111% from 2016 to 2017.
Banking on Climate Change: Fossil Fuel Finance Report Card 2018
Rainforest Action Network, Oil Change International, Indigenous Environmental Network, Honor the Earth, BankTrack, and Sierra Club with 350.org, 350 Eugene, 350 Seattle, Amazon Watch, Asia Pacific Forum on Women, Law and Development, Bank Information Center, Bold Alliance, Carrizo/Comecrudo Tribe of Texas, Catskill Mountainkeeper, CEE Bankwatch, Center for Sustainable Economy, CHANGE, Christian Aid, Citizens Against LNG, … Read More
Investor Briefing: The many obstacles facing Keystone XL
This briefing outlines compelling reasons for investors to question whether TransCanada should proceed with Keystone XL given various obstacles facing its construction and commercially viable operation, and suggests questions institutional financiers may wish to ask TransCanada.