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.Â
Stop Funding Fossils
European Development Finance Institutions fall short on climate ambition by allowing continued financing for fossil gas
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.Â
U.S. Senator Jeff Merkley Introduces Pair of Bills to Halt Financial Investments in Fossil Fuels
“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.
Statement: France fails to show climate leadership with proposed export finance policy
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.
Stop the Money Pipeline: JPMorgan Chase Can’t Be Paris-Aligned If It’s Still Funding Fossil Fuels
“Chase’s path to aligning with the Paris Agreement is obvious — it must stop funding fossil fuels immediately. Anything short of an end to fossil finance is woefully insufficient.”
Stop the Money Pipeline: Financial Regulators Must Do More to Address Climate Risk
The Commodity Futures Trading Commission issued its report on the risks that the climate emergency poses to the financial system. Stop the Money Pipeline partners issued the following responses.
Sixty-Nine Organizations Tell the Federal Reserve to Stop Buying Fossil Fuel Debt
In a letter to the Federal Reserve, 69 organizations called on the Fed to stop purchasing corporate debt from the fossil fuel sector through its COVID-19 emergency facilities.
Statement: UK’s overseas finance for fossil fuels should not leave any loopholes
For the UK to be credible as a COP26 host, it should end all overseas and domestic finance and subsidies for oil and gas production. Emissions from oil, gas and coal in already-operating fields and mines globally will push the world far beyond 1.5°C of warming.
Export Development Canada’s Role in Bailing Out the Oil and Gas Sector
Canada’s export bank, Export Development Canada (EDC), already provides on average nearly fourteen billion dollars in support to oil and gas companies each year. As a result, Canada ranks second highest among G20 countries in public finance for fossil fuels. Now the federal government is using EDC to channel even more support to the oil and gas sector, which has been intensely lobbying the government for a bailout package of up to $30 billion.
Campaigners: G20 financial and political support for fossil fuels rises amidst COVID-19 crisis
Grassroots campaigners at a press briefing yesterday said political leaders are failing to ensure a just and sustainable recovery, as new data shows that the world’s 20 richest countries have committed more than USD 150 billion of public money to support fossil fuels since the start of the COVID-19 crisis.