Today at the One Planet Summit the World Bank set a new bar for financial climate leadership by committing to end finance for oil and gas extraction and exploration projects.
Stop Funding Fossils
Dirty Dozen Released: 12 Projects that Undermine the One Planet Summit and Put the Climate at Risk
The 12 projects contained in today’s new briefing are examples that demonstrate how public finance is still acting as a critical lifeline for destructive fossil fuel projects, many of which could not otherwise be built, and how this support continues to this day, a full year after the Paris Agreement entered into force.
Letter: 200+ Groups to G20 & Multilateral Development Banks – Stop Funding Fossils
Over 200 civil society groups released a letter calling on multilateral development banks, including the World Bank, and leaders of G20 governments to commit to phase out subsidies and public finance for fossil fuels as soon as possible.
Briefing: Dirty Dozen – How Public Finance Drives the Climate Crisis through Oil, Gas, and Coal Expansion
To have any hope of meeting globally-agreed climate goals, global financial flows must rapidly align with low-emission, climate-resilient development, and government-backed public finance institutions like the World Bank must signal this transition.
Fact Sheet: Despite Paris Agreement, Governments Still Fund Billions in Fossil Fuel Finance Each Year
Instead of funding clean energy solutions, G20 governments and multilateral development banks still overwhelmingly fund the problem, averaging nearly $72 billion per year in public finance for fossil fuels compared to less than $19 billion per year for renewable energy.
Germany must quit fossil fuels to regain climate leadership: new report
Rapidly phasing out coal, banning oil and gas expansion, and ending dirty international finance are required for Germany to recover its climate leadership, says new report.
Time to Stop Digging: Why Germany’s Climate Leadership Requires a Rapid Phaseout of Fossil Fuel Production and Finance
Germany is falling far short of true climate leadership – our new report details why it must end coal production swiftly with a just transition and stop funding fossil fuels aboard.
Sign-on Letter: Oppose Expanding the 45Q Tax Credit for Oil, Gas and Coal Companies
Organizations from frontline communities – where Americans that are most impacted by climate change and the fossil fuel industry live – and organizations working in solidarity with them, are urging lawmakers to reject the FUTURE Act (S.1535) and the Carbon Capture Act (H.R.1379) – and to oppose its inclusion in a tax policy package.
Sign-on Letter: No Subsidies for Enhanced Oil Production
More than 30 environmental, public health, consumer, and climate groups delivered a letter to members of Congress in opposition to the FUTURE Act (S.1535) and Carbon Capture Act (H.R.3761) – and any attempts in a tax policy package to extend or expand subsidies for enhanced oil production.
Expanding Subsidies for CO2-Enhanced Oil Recovery: A Net Loss for Communities, Taxpayers, and the Climate
This analysis explores the oil production, carbon emissions, and taxpayer cost implications of the proposed changes to Section 45Q in the U.S. tax code in S.1535 and H.R.3761.