“Today’s commitment to make a finance roadmap to limit warming to 1.5°C and ensure a just energy transition is a welcome step, but in order to be useful, the IEA’s new research must continue with strong recommendations to immediately halt finance flowing to fossil fuels, and start recommending dramatically increased public finance on fair terms for renewable energy and energy efficiency.”
#StopFundingFossils
Countries make joint statement on shifting fossil fuel subsidies towards renewable energy at COP28
“Today’s announcement from the Netherlands, United Kingdom, Canada and many of their peers is a disappointment. At a time when we need rich country leaders to concretely expand their past ambition to secure a fair deal, these ministers are just regurgitating promises and initiatives that are now more than a decade old and have been so ineffective that fossil fuel handouts and profits continue to reach record levels.”
Australia boosts 40+ signatory partnership to end international public finance for fossil fuels
Australia has joined a major international initiative to end international public finance for fossil fuels at an event held at the UK Government Pavilion today at COP28. Australia follows Norway, who also joined the initiative on Saturday.
200+ civil society groups urge leaders at COP28 to transform public finance
Today 222 civil society groups from 55 countries sent an open letter calling on world leaders to transform international public finance to tackle climate change and deliver a just energy transition.
Norway joins 40-signatory partnership to end international public finance for fossil fuels
Minutes ago, Norway joined a major international initiative to end international public finance for fossil fuels today at COP28, called the Clean Energy Transition Partnership.
Over 250 organizations back groundbreaking efforts by OECD countries to end $41 billion a year in fossil fuel finance
Over 250 organizations from 30 countries call on governments to support fellow OECD members’ efforts to end oil and gas export finance at OECD meeting on 6 November 2023.Â
Study confirms need to redirect billions in Netherland’s fossil fuel subsidies
Ending fossil fuel subsidies presents a massive opportunity to shift billions to pay for energy efficiency, renewable energy, and climate finance, as well as to social protection measures that can mitigate any harmful impacts on households. If the Netherlands takes action now, it has an opportunity to bring other countries along at COP28, the upcoming UN climate conference in Dubai.
“Global Financial Architecture” reform must see rich countries pay their fair share for fossil fuel phase out.
As communities face rising debts and rising seas, pressure from people-powered movements has put global financial architecture reform on the multilateral agenda for the first time in decades. This is desperately needed, as our current international monetary, trade, tax, and debt rules are limiting how much funding is available for climate action.
Dutch Climate and Energy Minister estimates NL’s fossil fuel subsidies at up to €46.4 billion a year, campaigners call for phase-out plan
Today the outgoing Dutch Minister for Climate and Energy Policy, Rob Jetten, published an analysis of the Netherlands’ fossil fuel subsidies, estimating these at between €39.7 and €46.4 billion a year, more than 4% of the Netherlands’ GDP.
Wow! Just Wow! 700 marches, 600,000 people on 7 continents demand #EndFossilFuels
The turnout wildly exceeded expectations, proof that this summer’s record heat, mega floods, and severe weather are putting the climate crisis, and the fight against fossil fuels, at the forefront of peoples’ minds. The turnout was global.