Last week, civil society advocates from across the world convened outside the Washington DC headquarters of the World Bank to protest the Bank’s highly controversial financing of deadly fossil fuel projects.
oil and gas finance
Release the Guidance: Backgrounder on U.S. International Energy Finance ahead of COP27 Deadline
From 2010-2021, the United States’ trade and development finance institutions provided nearly five times as much support to fossil fuels as to renewables — over $51.6 billion for fossils compared to just $10.9 billion for renewables.
Explainer: What the COP26 and G7 promises to stop funding fossils in 2022 mean for climate and communities
39 countries and institutions signed a joint commitment to end any support for fossil fuels flowing abroad by the end of 2022, and in its place prioritize finance for clean energy. Recently the G7 reaffirmed their commitment and were now also joined by Japan, the only G7 member who hadn’t signed on. Here’s what that means.
Response to new U.S. guidance that could end billions in public finance for oil, gas, and coal
“Any credible analysis of alternatives and alignment with the Paris Agreement would prevent new fossil fuel projects from being financed,” said Tucker.
New report exposes five wealthy countries whose fossil fuel production threatens chance at 1.5ºC
The new report finds that wealthy nations — the United States, United Kingdom, Canada, Norway, and Australia — planning to approve and subsidize new fossil fuel projects which undermines their recent claims of leadership in addressing the climate crisis.
The Fossil Fuelled Five: Comparing Rhetoric with Reality on Fossil Fuels and Climate Change
The new report finds that wealthy nations — the United States, United Kingdom, Canada, Norway, and Australia — planning to approve and subsidize new fossil fuel projects which undermines their recent claims of leadership in addressing the climate crisis.
Export credit agencies and states potentially at risk of climate litigation over finance for fossil fuels
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.
Oil Change International response to Biden Administration announcements on international finance
“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.”
Nearly 450 Organizations Call on Biden Administration to End Public Finance for Fossil Fuels
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.
Response to Biden executive order on international fossil finance
“Ending international public finance for fossil fuels would be a huge boost to climate action globally. The administration must now invest serious effort and diplomatic capacity to secure this shift in international finance away from oil, gas, and coal.”