Yesterday, the Spanish Parliament adopted a wide-ranging Climate Change and Energy Transition law, which includes a ban on new fossil fuel exploration and production licenses.
The Asian Development Bank issued its draft energy policy on Friday following the conclusion of its 54th Annual Meeting and clarion calls from the United Nations to end financing for all fossil fuels including gas. This first draft has ruled out financing for coal but allows for continued gas finance which dominates the ADB’s fossil fuel lending.
Despite the need to rapidly wind-down fossil fuels to avert the worst of the climate crisis, governments worldwide continue to prop up fossil fuel production with huge sums of public money. They may be breaking international law.
A new legal opinion lays out the international law obligations of ECAs that are responsible for tens of billions of dollars per year in support for fossil fuels.
This new analysis finds the ADB has spent over $4.7 billion on gas since the adoption of the Paris Agreement. Plans to expand gas infrastructure in Asia pose one of the greatest threats to meeting the goals of the Paris Agreement and averting the most catastrophic impacts of the climate crisis.
A new analysis shows the Asian Development Bank has spent $4.7 billion financing gas projects in the region. This undermines its stated commitments on climate and efforts to achieve a “prosperous, inclusive, resilient, and sustainable Asia and the Pacific.”
“California is the highest-producing jurisdiction in the world so far to commit to a phase-out of oil extraction, and other major producers need to join the state in committing to move beyond oil and gas,” said Collin Rees of Oil Change International.
Over 400 organizations from 50 countries signing onto a new letter called on the Joe Biden administration to immediately end all U.S. public financing for fossil fuels, including natural gas.
Today, we’ve joined with civil society groups and peoples’ movements from around the world to launch an exciting new campaign: Fossil Free ADB. The goal of the campaign is to pressure the Asian Development Bank (ADB) to stop financing fossil fuels.
A group of environmental and financial organizations representing over 7,600,000 members and supporters announced the launch of the DivestMVP coalition to highlight the financial instability of the fracked gas Mountain Valley Pipeline.