New Report: International public finance for fossil fuels dropped in 2021, but a rebound is likely unless key governments deliver on pledges

November 1, 2022By OCI TeamFeatured, Press Releases

A report released today by Oil Change International and Friends of the Earth U.S. reveals that between 2019 and 2021 the G20 countries and multilateral development banks (MDBs) provided at least USD 55 billion per year in international public finance for fossil fuels. This is a 35% drop compared to previous years (2016-2018), but still almost twice the support provided for clean energy, which averaged only $29 billion per year.

At a Crossroads: Assessing G20 and MDB international energy finance ahead of stop funding fossils pledge deadline

November 1, 2022By OCI TeamBriefings, Featured 3 Comments

This report looks at G20 country and MDB traceable international public finance for fossil fuels from 2019-2021 and finds they are still backing at least USD 55 billion per year in oil, gas, and coal projects. This is a 35% drop compared to previous years (2016-2018), but still, almost twice the support provided for clean energy, which averaged only $29 billion per year.

IEA confirms energy crisis is fossil fuel crisis and forecasts peak in gas

October 27, 2022By OCI TeamFeatured, Press Releases 1 Comment

The International Energy Agency (IEA) released its 2022 World Energy Outlook (WEO), underscoring that accelerating investment in clean energy and efficiency, not new fossil fuels, is the answer to both climate and energy security crises. In a marked shift for the IEA, WEO 2022 essentially declares an end to the ‘golden age of gas,’ as a result of the current energy crisis cementing an economic case against gas expansion, on top of the clear climate case.

Report: Countries could shift almost USD 28 billion/year from fossil fuels to jump-start the energy transition—if they follow through on their pledges

June 30, 2022By nicolePress Releases, Reports, Stop Funding Fossils

The Glasgow Statement on public finance requires signatories to end new direct overseas support for fossil fuels by the end of 2022 and fully prioritize finance for a clean and just energy transition. But only a handful of signatories have begun to turn these pledges into action.

Asia Gas Factsheet #2: Gas Is A Bad Deal For Asia

November 18, 2021By OCI TeamAsia, Briefings, Factsheets, Fossil Gas, Resources

Asia is one of the few remaining growth markets for gas. The fossil fuel industry and its proponents are pushing to develop $379 billion of gas terminals, pipelines and power plants in Asia over the next decade. Roughly three-quarters of all Liquified Natural Gas (LNG) import terminals in development globally are planned for Asia. This aggressive buildout ignores a simple truth.

Spain joins commitment to end international oil, gas, and coal finance, bringing total for potential finance shifted to USD 23.6 billion per year 

November 10, 2021By LaurieBlog Post, News, Press Releases, Stop Funding Fossils

This increases the number of signatories to 30 and the annual average of potential public finance shifted out of fossil fuels and into clean energy to at least USD 23.6 billion per year. This equals 37% of annual public finance for fossil fuels provided by G20 countries and the Multilateral Development Banks (MDBs) between 2018 and 2020.