Germany, Italy, Canada, United States warned to keep their climate promise on first anniversary of initiative to end public finance for fossil fuels

November 15, 2022By OCI TeamFeatured, Press Releases No Comments

A UK Government event at COP27 in Egypt has marked the first anniversary of a groundbreaking international initiative to phase out international public finance for fossil fuels, one of the most concrete outcomes of last year’s UN climate summit in Glasgow. At today’s event, countries took stock of implementation efforts and announced Nepal as a new signatory to the pledge, making this country the 40th signatory to the statement.

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.

The clock is ticking: Ambitious export credit climate policies needed to implement the Glasgow Statement

August 29, 2022By OCI TeamBlog Post, Stop Funding Fossils 1 Comment

By Nina Pusic   Often hidden from public view, export credit agencies (ECAs) hold a make-or-break role when it comes to achieving the 1.5°C warming goals of the Paris Agreement and averting climate catastrophe. Their export support, in the form of loans, loan guarantees and insurance, helps domestic companies limit the risk of selling goods … Read More

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.