Rich countries have continued to approve USD 4.4 billion in international public finance despite committing to end this support by the end of 2022. Six countries including the United States, Germany, Italy and Japan have at least 26 fossil fuel projects awaiting approvals, with Germany having the biggest number of projects pending.
#StopFundingFossils
Fossil Finance Violations: Tracking Fossil Fuel Projects that violate commitments to end international public finance for fossil fuels
*Updated February 2024* Oil Change International analysis shows that several major countries continue to pump $6.2 billion in public finance into international fossil fuel projects despite committing to end this support by the end of 2022.
New study estimates The Netherlands’ fossil fuel subsidies at €37.5 billion per year, despite long-standing promises to end this support.
Never before has there been such a detailed, peer-reviewed mapping of fossil fuel subsidies in the Netherlands. The report identifies 31 fossil fuel subsidies that, combined, provide €37.5 billion per year in fossil fuel subsidies between 2020 and 2022.
EXIM under Biden risks repeating mistakes of Obama in supporting Papua LNG
Today, 27 environmental and civil society organizations from Papua New Guinea, the Asia Pacific region and the United States submitted a letter to the U.S. Export-Import Bank (EXIM) urging it to oppose support for the Category A Papua liquefied natural gas project.Â
Canada’s new fossil fuel subsidy framework contradicts own international policy
Rather than match the international policy, today’s announcement leaves the door open indefinitely to domestic public finance for oil and gas, only committing to “announce by fall 2024 the implementation plan” to phase out these flows.
Italy’s SACE breaks climate promise with $500 million guarantee for Peru oil refinery
Italy’s export credit agency SACE has approved a $500 million guarantee in loans for the Talara oil refinery in Peru, once again breaking their commitment to end their international public finance for fossil fuels by the end of 2022.
UK “bins” flagship climate pledge during the hottest week on record
Timing, they say, is everything. Earlier this week, it was revealed that UK Government is drawing up plans to scrap its flagship EUR 11.6 billion climate pledge. At the same time, firstly last Monday, then last Tuesday and now the whole week has been recorded as the hottest on record. The UN now says “climate change is out of control.”
150+ economists and experts call on Paris Summit leaders to redirect trillions from fossils, debt, and the 1%
150+ economists and experts call on Paris Summit leaders to redirect trillions in public money from fossil fuels, unfair debts, and the super rich to fix global crises
Letter: Global North leaders must redirect trillions from fossils, debt, and the 1% to address global crises
150+ economists and policy experts including Yanis Varoufakis, Jason Hickel, and OlĂşfĂ©mi O. TáĂwò are calling on Paris Summit leaders to ensure real global financial system transformation is on the agenda.
Oil Change International responds to UN Secretary General AntĂłnio Guterres speech
“The Big Oil and Gas business model cannot be reformed. Its foundation is destruction – of communities, of ecosystems, and all our futures. Governments must act to phase out this destructive industry and unlock the transition to nature-positive, community-owned, renewable energy.”