New Briefing: Despite pledging to stop international financing for fossil fuel projects by the end of 2022, the Italian Government is continuing to actively consider financing for major international fossil fuel projects that could emit greenhouse gas emissions equivalent to at least 3.5 times Italy’s annual emissions.
We are in the business end of the COP27 negotiations, as delegates haggle over the final declaration. As I write the news from Sharm el-Sheikh regarding the all important text is deeply concerning and comprehensively flawed.
At COP27, with just a month to go until the deadline, attendees called on countries to keep their Glasgow Statement pledge to stop public finance for fossil fuels.
At a series of events today at the COP27 climate talks, speaker after speaker warned against the Dash for Gas in Africa. One speaker, Mohamed Adow, from PowerShiftAfrica, said: “Africa sits at a crossroads & there is a fight to decide its energy & development future playing out at #COP27. A cabal of fossil fuel companies supported by foreign nations are trying to push Africa into a fossil fuel led development future. We say to them Don’t Gas Africa.”
A UK Government event at COP27 in Egypt has marked the first anniversary of a groundbreaking international initiative to phase out international public finance for fossil fuels, one of the most concrete outcomes of last year’s UN climate summit in Glasgow. At today’s event, countries took stock of implementation efforts and announced Nepal as a new signatory to the pledge, making this country the 40th signatory to the statement.
A global coalition of civil society groups organized a demonstration at the COP27 climate negotiations in Egypt on “Finance Day” to demand wealthy governments – particularly Japan as the world’s largest financier of fossil fuels – stop financing new fossil fuel projects and shift investments to renewable energy.
It’s easy to lose touch with reality at the annual UN climate negotiations, also known as COP. The buzz and energy of tens of thousands of people at the UN’s annual conference focused on one of humanity’s greatest crises is overwhelming. And energizing. Until you realize that you don’t all share the same intent. Take … Read More
A report released today by Oil Change International and Friends of the Earth U.S. reveals that between 2019 and 2021 the G20 countries and multilateral development banks (MDBs) provided at least USD 55 billion per year in international public finance for fossil fuels. This is a 35% drop compared to previous years (2016-2018), but still almost twice the support provided for clean energy, which averaged only $29 billion per year.
This report looks at G20 country and MDB traceable international public finance for fossil fuels from 2019-2021 and finds they are still backing at least USD 55 billion per year in oil, gas, and coal projects. This is a 35% drop compared to previous years (2016-2018), but still, almost twice the support provided for clean energy, which averaged only $29 billion per year.
Last week, civil society advocates from across the world convened outside the Washington DC headquarters of the World Bank to protest the Bank’s highly controversial financing of deadly fossil fuel projects.