Policy falls short of a major pledge Spain made at the 2021 COP26 UN climate summit to stop financing fossil fuel projects.
Germany Fails to Lead at E3F Summit and Threatens Decades of Fossil Fuel Lock-In
Rather than building momentum towards COP27 through delivering strong policies and a harmonized approach to implementing the collective promise to end international public finance for fossil fuels by the end of 2022, the Summit was overshadowed by backsliding.
CSOs say E3F countries need to act with urgency and integrity to meet commitments to end export finance for fossil fuels
The time has come for ambitious E3F action, not just ambitious words. We do not want to see a year of vague compromises and exceptions that water the commitment down and lead to continued support for fossil fuels, such as gas – as this not only puts the climate at risks, it also locks countries in the south into fossil dependence with all the economic risks that come along.
New research: E3F countries need to shift their EUR 20 billion in export finance for fossil fuels to renewables
A policy brief released today by OCI and ODI shows that despite their commitment to align financial flows with climate goals under the Paris Agreement adopted in 2015, the E3F countries still provided €20 billion in export finance for fossil fuel projects abroad between 2018 and 2020.
Spain joins commitment to end international oil, gas, and coal finance, bringing total for potential finance shifted to USD 23.6 billion per year
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.
Spain becomes latest country to ban new oil and gas exploration and production
Yesterday, the Spanish Parliament adopted a wide-ranging Climate Change and Energy Transition law, which includes a ban on new fossil fuel exploration and production licenses.