This increases the number of signatories to 29 and the annual average of potential public finance shifted out of fossil fuels and into clean energy to at least USD 21.7 billion per year.
Stop Funding Fossils
Netherlands joins commitment to end international oil, gas, and coal finance, leaving Germany and France lagging behind
Last Thursday on November 4, 25 countries and institutions committed to end international public finance for unabated oil, gas, and coal by the end of 2022 at the United Nations climate conference in Scotland (COP26). Today, the Netherlands has confirmed that it will also join the initiative.
United States joins 20+ countries in committing to end international finance for oil, gas, & coal by end 2022
Today the United States and over 20 other countries and institutions from both developed and developing countries committed to end direct international public finance for unabated coal, oil and gas by the end of 2022 and prioritize clean energy finance.
CSOs welcome historic 20+ country-strong commitment to end international oil, gas, and coal finance by end of 2022, say others need to follow
Today at COP26, more than 20 countries and institutions launched a joint statement committing to end direct international public finance for coal, oil and gas by the end of 2022 and prioritize clean energy finance. This initiative could directly shift more than USD 18 billion a year of support out of fossil fuels and into clean energy.
Judgement Day: Big Oil bosses face Congress over decades of climate denial
Today Big Oil will appear before Congress to answer for their decades long climate denial campaign. It is the first time that collectively the bosses of Exxon, BP America, Chevron, and Shell have all testified together under oath.
Past Last Call: G20 public finance institutions are still bankrolling fossil fuels
Our new report “Past Last Call: G20 public finance institutions are still bankrolling fossil fuels” looks at G20 country and MDB public finance for fossil fuels from 2018-2020 for the first time and finds they are still backing at least USD 63 billion per year in oil, gas, and coal projects.
New Report: G20 governments Have Bankrolled More Than $188 Billion in Fossil Fuels Since 2018
New report updates analysis of public financing for energy projects ahead of expected joint announcement to end these flows at COP26.
New OECD coal financing restrictions represent weak progress
Today the OECD Export Credit Group announced new restrictions on its support for overseas coal projects. The restrictions do not address export finance for coal mines and related infrastructure, nor oil and gas financing even if the latest IEA report shows that investments in new fossil fuel production need to end this year to limit warming to 1.5°C.
International precedent set as French Bank commits to exit from fossil fuels by 2030
La Banque Postale, which is a relatively small but progressive bank in France, has set an international precedent against oil and gas expansion. The bank, which was already committed to ensuring that its banking activities achieve net zero carbon emissions by 2040, announced a complete withdrawal from fossil fuels by the 2030. Will other banks now follow?
The Sky’s Limit Africa: The Case for a Just Energy Transition from Fossil Fuel Production in Africa
The Sky’s Limit Africa assesses fossil fuel industry plans to sink USD $230 billion into the development of new extraction projects in Africa in the next decade — and USD $1.4 trillion by 2050. It finds these projects are not compatible with a safe climate future and that they are at risk of becoming stranded assets that leave behind unfunded clean-up, shortfalls of government revenue, and overnight job losses.