The German Government is set to break a major international climate commitment, releasing a draft policy today for Euler Hermes, the German export credit agency, which allows the agencyâs huge international fossil fuel financing to continue.
Stop Funding Fossils
Canadaâs new fossil fuel subsidy framework contradicts own international policy
Rather than match the international policy, todayâs announcement leaves the door open indefinitely to domestic public finance for oil and gas, only committing to âannounce by fall 2024 the implementation planâ to phase out these flows.
Paris Summit at risk of letting fossil fuel companies & Global North leaders off the hook for climate and inequality
Earlier this week a coalition of 150+ economists and policy experts including Yanis Varoufakis, Jason Hickel, OlĂșfĂ©mi O. TĂĄĂwĂČ, Nader Habibi, and Isabelle Ferreras sent a letter to Global North leaders, calling on them to pay their fair share for a just energy transition with trillions in public reparations, and to allow democratic and people-centred reforms to the global financial system they have a disproportionate control over.Â
Biden at risk of breaking climate promise with $500 million of public finance for LNG imports in Poland
Next week, the U.S. International Development Finance Corporation is likely to consider a $500 million guarantee to help Polish oil and gas company PKN Orlen increase its imports of U.S. LNG, violating Bidenâs commitment to end public finance for fossil fuels by the end of 2022.
Changing the Trade Winds: Aligning OECD Export Finance for energy with climate goals
New research shows that Organisation for Economic Co-operation and Development (OECD) countries supported fossil fuel exports by an average of USD 41 billion from 2018-2020, almost five times more than clean energy exports ($8.5 billion).
CSOs condemn G7 leaders for dangerous backsliding on gas, breaching commitments to end fossil fuel finance
“At a time when we rapidly need to phase out fossil fuels, this yearâs G7 host has pushed for the expansion of gas and LNG and technologies that would prolong the use of coal,” said Susanne Wong, Asia Program Manager.
Biden breaks major G7 climate promise by financing Indonesian oil refineryÂ
âBidenâs claims to be a climate leader are increasingly laughable after EXIMâs approval of this refinery. If he canât be trusted to keep this relatively modest promise, how can anyone trust the United States to live up to its even grander climate promises?” asked Adam McGibbon.
Reaction: World Bank Spring Meetings End With Broken Climate Promises
There have been few concrete developments on the G7-led ‘evolution roadmap’ and a new Paris Alignment âsector note on energy and extractivesâ keeps all existing pathways for WBG fossil gas support open.Â
As IPCC demands urgent climate action, Pacific nations step up, but Italy and UK reach new lows as rogue climate states
Yesterday, the message from the worldâs leading climate scientists was their most brutal and stark yet. It was unequivocal.
OECD fails to make progress on aligning with 1.5°C, stalling urgent climate action for over 6 months
Last week, OECD countries failed to conclude negotiations on climate friendly incentives to align Export Credit Agencies, the worldâs largest international financiers of fossil fuels, with international climate goals.