Rather than building momentum towards COP27 through delivering strong policies and a harmonized approach to implementing the collective promise to end international public finance for fossil fuels by the end of 2022, the Summit was overshadowed by backsliding.
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.
CSOs say E3F countries need to act with urgency and integrity to meet commitments to end export finance for fossil fuels
The time has come for ambitious E3F action, not just ambitious words. We do not want to see a year of vague compromises and exceptions that water the commitment down and lead to continued support for fossil fuels, such as gas – as this not only puts the climate at risks, it also locks countries in the south into fossil dependence with all the economic risks that come along.
New research: E3F countries need to shift their EUR 20 billion in export finance for fossil fuels to renewables
A policy brief released today by OCI and ODI shows that despite their commitment to align financial flows with climate goals under the Paris Agreement adopted in 2015, the E3F countries still provided €20 billion in export finance for fossil fuel projects abroad between 2018 and 2020.
Is this even legal? Governments propping up fossil fuel production with public money.
Despite the need to rapidly wind-down fossil fuels to avert the worst of the climate crisis, governments worldwide continue to prop up fossil fuel production with huge sums of public money. They may be breaking international law.
“Since our leaders are behaving like children, we will have to take responsibility”
“Why should I be studying for a future that soon may be no more, when no one is doing anything to save that future?”