Today across the nation, activists in 60 cities and 25 states plan to utilize COVID-safe and creative ways to deliver letters calling on major banks to distance themselves from the funding of the toxic Keystone XL and Enbridge’s Line 3 tar sands pipelines.
Before Saturday, it is simple. Boris should be brave. He should cancel overseas fossil fuel finance. But he should do more. To encourage others to do the above, he should also follow Denmark’s lead and cancel the next round of oil and gas licensing, and end all future exploration in the UK North Sea.
Today development banks signed a joint declaration at the first global summit of development banks, Finance in Common. Before the summit, the UN Secretary General, youth climate activists, and over 300 civil society organisations all urged development banks to act to end fossil fuel investments. However, the joint declaration only includes a vague commitment to “consider” ways to reduce fossil fuel investments.
On November 10, 1995, Ken Saro-Wiwa and eight other Ogoni activists — Saturday Dobee, Nordu Eawo, Daniel Gbooko, Paul Levera, Felix Nuate, Baribor Bera, Barinem Kiobel, and John Kpuine — were hanged by the Nigerian dictatorship in Port Harcourt. Their only crime? Exposing the devastating impact that Shell Petroleum Development Company’s extraction of fossil fuels from the Niger Delta had on the Ogoni land, lives, and livelihoods.
To do anything less than stopping all public money to fossil fuels dishonors the memory and sacrifices of Saro-Wiwa, the Ogoni 9, and countless others who have risked and lost their lives to defend their lands and communities.
Despite repeated pledges to end inefficient fossil fuel subsidies, G20 governments’ support to fossil fuels has dropped by only 9% since 2014–2016, hitting USD 584 billion annually over the last three years, according to a report released today by the International Institute for Sustainable Development (IISD), the Overseas Development Institute (ODI), and Oil Change International (OCI).
In this new report we consider recovery commitments and pre-pandemic policies to rank G20 countries’ progress in phasing out support to fossil fuels. We find at least USD 584 billion per year between 2017 and 2019 in public support for fossil fuels from G20 governments.
European Development Finance Institutions fall short on climate ambition by allowing continued financing for fossil gasToday, one week ahead of the Finance in Common Summit, the Association of European Development Finance Institutions (EDFI) announced joint ambitions for climate action. The institutions commit to full Paris alignment by 2022 and to end coal and fuel oil financing. For gas finance, they commit to “generally exclude [such finance] by 2030 at the latest”, but leave the room open to gas financing beyond 2030 in certain cases.
“If banks won’t stop funding climate devastation, our government must force their hand, and Senator Merkley’s bills would force the action we need,” said David Turnbull of Oil Change International.
Today, the French government outlined new measures aimed at greening the country’s export credit support policy. Under the proposed new policy, France will continue supporting fossil fuel projects worldwide until at least 2035. OCI urges the French government to reconsider this end date as it is grossly misaligned with the Paris Agreement.