“As many Global South countries face the worst debt crises we have seen in a generation and climate disasters at the same time, the IMF has a lot to answer for,” said Bronwen Tucker.
“Today’s announcement by President Biden on international fossil finance is welcome but the lack of firm commitments falls short. We urge the Biden administration to add a clear commitment to an immediate phase-out, with no loopholes for gas or any other continued fossil support.”
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.
“If banks won’t stop funding climate devastation, our government must force their hand, and Senator Merkley’s bills would force the action we need,” said David Turnbull of Oil Change International.
The European Investment Bank (EIB) is the world’s largest multilateral lender, bigger even than the World Bank. As a public bank, it’s tasked with providing finance in the EU public interest, and it has an outsized influence on the EU’s energy system because of the private investment it can “crowd in” and the sheer amount of money it has at its disposal.
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.
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.
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.
Hidden Costs: Pollution from Coal Power Financed by OECD Countries November 2015 Oil Change International and WWF DOWNLOAD REPORT OECD countries support coal-fired power plants abroad by providing preferential financing through institutions called Export Credit Agencies (ECAs). These coal-fired power plants have significant costs, in the form damages to the health of local populations from air … Read More
This analysis finds that over the last decade, export credit agency financing has played a significant role in supporting coal power generation globally. Most alarmingly, OECD export credit financing for coal has substantially increased in recent years.