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.
#StopFundingFossils
Climate activists demand end to public finance for fossil fuels at COP27
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.
Exposing Japan’s dirty secret as world’s top fossil fuel financier
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
New Report: International public finance for fossil fuels dropped in 2021, but a rebound is likely unless key governments deliver on pledges
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.
At a Crossroads: Assessing G20 and MDB international energy finance ahead of stop funding fossils pledge deadline
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.
Pressure grows on World Bank boss to quit over funding of climate chaos
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.
Activists pressure governments to keep their promise to end public fossil finance ahead of COP27 deadline
Campaigners around the world take action to urge leaders to deliver on their pledge to fully shift international public finance from fossil fuels to clean energy ahead of the COP27 deadline.
Leaders & Laggards: Tracking implementation of the COP26 commitment to end international public finance for fossil fuels by the end of 2022
At the UN COP26 climate conference, signatories of the Glasgow Statement agreed to international public finance for fossil fuels. This briefing, which will be updated regularly as new policies come out and new signatories join the commitment, tracks implementation efforts and assesses whether countries are on track to keep their promise.
Civil society condemns Japanese Government’s “GX Strategy” for being “soaked in fossil fuels”
To coincide with the “GX Week” in Japan, a network of civil society groups from across the region and Global South have come together to call for Japan to stop financing false solutions and delaying the just transition to clean energy.
Sweden restricts international oil and gas finance to deliver on climate commitment
As the deadline for implementing the Glasgow Statement looms, the Swedish export credit agencies, SEK and EKN, have released an updated policy. A previously-released policy aligned Swedfund – the Swedish development finance institution – with the Glasgow Statement. SEK and EKN’s new policy ends almost all support to fossil fuels by 31st December 2022, with some limited exemptions.