“If MDBs follow through on this commitment, we would expect the EBRD’s brand-new strategy to be obsolete within a year, given what will be required to truly align with the Paris Agreement ambition to limit warming to 1.5°C,” said Alex Doukas, Program Director at Oil Change International.
World Bank
Big Shift Global reaction to World Bank Group’s post-2020 climate goals announcement
The World Bank Group released new climate targets for 2021-2025, aiming to provide and mobilize $200 billion in support of countries’ climate action. Members of the Big Shift Global coalition react to this announcement.
New Report: MDBs Continue to Shortchange Crucial Energy Access Solutions
While the MDBs endorsed the Sustainable Development Goals, this new report shows that from 2014 through 2017, MDBs directed just 2% of their energy finance toward the off-grid and mini-grid energy solutions.
Shortchanging Energy Access: A Progress Report on Multilateral Development Bank Finance
Overall, the MDBs are not financing energy access at nearly a sufficient level to meet the needs of energy-poor communities. Much of the energy access finance that is being provided is being directed to many of the communities that need it most. But even so, energy access is not reflected as a priority for the MDBs.
Civil Society Welcomes IFC’s Moves to Exclude Coal in Its Financial Intermediary Lending
“This is an important step by the IFC to redirect its investment to align with the Paris Agreement on climate change, and other financial institutions should sit up and pay attention,” said Alex Doukas of Oil Change International
Letter: 65 Groups from 28 Countries Tell EBRD and EIB to Stop Financing Fossil Fuels
As EBRD and EIB prepare for their respective energy sector strategy reviews, 65 civil society groups from 28 countries released an open letter being sent to top EBRD and EIB officials demanding that they stop financing oil, gas, and coal projects.
Big Shift Global reaction to World Bank battery storage announcement
“While this new commitment is an important step forward, it’s not enough. Millions of people are currently being left behind when it comes to accessing clean, affordable energy. The World Bank must commit to significantly scaling up its finance to support energy access for those without it, particularly for distributed renewable energy solutions.”
Toppling the Pillars
The World Bank’s pledge to end all upstream investment in the oil and gas sector by 2019 topples a key pillar holding up the social license around the fossil fuel industry.
The French Revolution: France bans new oil and gas licenses
The managed decline of oil and gas production has begun. On Tuesday, France set passed a law to end the exploration for and extraction of oil and gas. In our 2016 report, The Sky’s Limit: Why the Paris Climate Goals Require a Managed Decline of Fossil Fuel Production, we showed that emissions from the oil, gas and … Read More
Statement: The Managed Decline of Fossil Fuels Begins
The managed decline of fossil fuels has begun. Leaders around the world have a choice: Will they join France in moving forward in ending fossil fuel extraction and managing the decline of the fossil fuel industry? Or will they continue to deny full steam ahead off the cliff to climate disaster and economic disarray?