New report: Commitment to end international finance for fossil fuels is shifting billions, but key countries breaking promises missing in action

March 15, 2023By Oil Change InternationalBlog Post, Press Releases, Stop Funding Fossils

Promise Breakers, a report released today by Oil Change International, reveals that the stop funding fossils commitment forged at COP26, is already shifting an estimated USD 5.7 billion per year out of fossil fuels and into clean energy, with the potential of a further 13.7 billion per year if all signatories fulfill their commitments.

Promise Breakers: Assessing the impact of compliance with the Glasgow Statement commitment to end international public finance for fossil fuels

March 15, 2023By Oil Change InternationalFeatured, Reports, Resources, Stop Funding Fossils 6 Comments

New research shows stop funding fossils commitment forged at the 2021 UN climate summit is already shifting an estimated USD 5.7 billion per year out of fossil fuels and into clean energy. If all signatories fulfill their commitments, then a further 13.7 billion per year will be shifted out of fossil fuels and into clean energy.

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 Oil Change InternationalFeatured, Press Releases

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 Oil Change InternationalFeatured, 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.