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.Â
Japan
Inspirational colleague, Kimiko Hirata, wins Goldman Prize for campaigns to end Japan’s addiction to coal
“Kimiko’s courage and leadership in undertaking pathbreaking actions to influence Japan and address the climate crisis are an inspiration,” said Susanne Wong, senior campaigner with Oil Change International and facilitator of the No Coal Japan coalition.
Is this even legal? Governments propping up fossil fuel production with public money.
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.
Report: G20 Governments Bankrolling the Fossil Fuel Industry with at least $77 Billion a Year
Since the implementation of the Paris Agreement, G20 countries have provided at least USD 77 billion a year in finance for oil, gas, and coal projects.
Still Digging: G20 Governments Continue to Finance the Climate Crisis
This report reveals G20 countries have provided at least $77 billion a year in public finance to oil, gas and coal projects since the Paris Agreement through their international public finance institutions. This government-backed support to fossil fuels from export credit agencies, development finance institutions, and multilateral development banks is more than three times what they are providing to clean energy
International Groups: Japan Must Not Support Vung Ang 2 Coal Power Plant in Vietnam
Today, Japanese environmental NGOs submitted a petition for the cancellation of the Vung Ang 2 Coal-fired Power Generation Project in Vietnam to the Japanese public and private sectors signed by 127 organizations from more than 40 countries and regions.
Japan’s Third-Largest Bank in Discussions to Finance New California Export Terminal amid Pledge to Quit Coal Power
Sumitomo Mitsui Financial Group announced it will “in principle” not finance any new coal power projects, while advocates in California called on the bank to apply those restrictions to all new coal infrastructure and drop plans to finance a widely opposed coal export terminal.
Report: G20 Nations Throwing Billions at Fossil Fuel Industry through Export Credit AgenciesÂ
A network of secretive, government-backed financial institutions called export credit agencies are handing more than $31 billion USD per year to the oil, gas, and coal industry, new analysis by Oil Change International and Friends of the Earth U.S. shows.Â
Adding Fuel to the Fire: Export Credit Agencies and Fossil Fuel Finance
This report from Oil Change International and Friends of the Earth U.S. shows that since the Paris Agreement was made, G20 countries have used their export credit agencies to provide nearly 12 times more finance to fossil fuels than to clean energy.Â
Press Release: Activists Launch Large Inflatable Balloon of Prime Minister Shinzo Abe to protest Japan’s continued support for coal
Activists deployed a 3-meter-tall balloon depicting Japanese Prime Minister Shinzo Abe emerging from a bucket of coal to protest the Japanese government’s continued support for new coal-fired power projects.