Policy falls short of a major pledge Spain made at the 2021 COP26 UN climate summit to stop financing fossil fuel projects.
public finance
Blocking a Carbon Bomb: Tiwi Islanders prevent $4.7 billion Barossa offshore gas project in Australia
In a landmark decision, the Federal Court of Australia ruled that Santos Ltd, one of the world’s top 20 largest oil and gas companies, would not be allowed to drill in the Barossa gas fields off the coast of northern Australia, solidifying legal victory for the Tiwi Islander Plaintiffs.
Oil Change International experts respond to COP27: Lack of progress on fossil fuels mars key steps on loss and damage
Despite important progress on establishing a loss and damage fund, COP27 failed to acknowledge the need for a rapid and equitable phase-out of oil, gas, and coal.
Germany, Italy, Canada, United States warned to keep their climate promise on first anniversary of initiative to end public finance for fossil fuels
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.
Climate activists demand end to public finance for fossil fuels at COP27
A global coalition of civil society groups organized a demonstration at the COP27 climate negotiations in Egypt on “Finance Day” to demand wealthy governments – particularly Japan as the world’s largest financier of fossil fuels – stop financing new fossil fuel projects and shift investments to renewable energy.
IEA confirms energy crisis is fossil fuel crisis and forecasts peak in gas
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.
Pressure grows on World Bank boss to quit over funding of climate chaos
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.
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.
France restricts oil and gas finance to meet climate commitments, piling pressure on Germany, USA, Canada to follow suit
France fulfils commitment made at 2021 UN Climate Conference, ending almost all government-backed financing for international fossil fuel projects.
The clock is ticking: Ambitious export credit climate policies needed to implement the Glasgow Statement
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