Signatories of the Clean Energy Transition Partnership (CETP) have cut their international public finance for fossil fuels dramatically since signing the agreement but are underdelivering on the clean finance pledge, a new report shows.Â
Stop Funding Fossils
COP29 Presidency Must Prioritize A Fossil Fuel Phase-Out With Fair Financing.
“The COP Presidency is centering the new climate finance target, the New Collective Quantified Goal (NCQG), in this year’s UN climate talks. To deliver on last year’s groundbreaking commitment to transition away from fossil fuels, rich countries must raise trillions of dollars to support climate action in developing countries. While the COP29 host recognizes the need for a significant financial increase, it fails to emphasize that it must be on fair terms to countries that need it most.”
Switzerland breaks major climate promise on taxpayer finance
Switzerland is the first signatory of the Clean Energy Transition Partnership (CETP) to water down its policy to end international public finance for fossil fuels. The country has now also surpassed the United States in providing the most international fossil fuel finance since the end of 2022 deadline passed, providing a total of almost $3.6 billion.
Walk The Talk: Time for the G7 to make the COP28 Fossil Fuel Pledge a Reality
This new briefing from Oil Change International shows that G7 countries, which have both the capacity and the responsibility to be leaders in phasing out fossil fuels, are not walking the walk – at home or abroad: some G7 countries are massively expanding fossil fuel production at home, while others are investing in more fossil fuel infrastructure abroad. Both are catastrophic failures of leadership, which the G7 has a responsibility to correct.
Sen. Bernie Sanders and Rep. Ilhan Omar Reintroduce the End Polluter Welfare Act with Broad Support
Sen. Bernie Sanders and Rep. Ilhan Omar reintroduced the End Polluter Welfare Act, the most comprehensive legislation to address the billions in special interest subsidies that disproportionately flow to the oil, gas, and coal industries.
Handful of governments block clean energy transition with billions in international finance for fossil fuels
New report shows that between 2020 and 2022, G20 governments and the multilateral development banks (MDBs) provided $142 billion in international public finance for fossil fuels, almost 1.4 times their support for clean energy in the same period.
Public Enemies: Assessing MDB and G20 international finance institutions’ energy finance
This new report, “Public Enemies: Assessing MDB and G20 international finance institutions’ energy finance” looks at G20 country and MDB traceable international public finance for fossil fuels from 2020-2022 and finds they are still backing at least USD 47 billion per year in oil, gas, and coal projects.
New analysis: International agreement builds momentum for shifting billions away from fossil fuels, but U.S., others lag behind
U.S. single biggest violator of CETP pledge, approving the most fossil fuel projects of any signatory for a total of almost USD $2.3 billion.
Oil Change International response to IEA Ministerial communique
“Today’s commitment to make a finance roadmap to limit warming to 1.5°C and ensure a just energy transition is a welcome step, but in order to be useful, the IEA’s new research must continue with strong recommendations to immediately halt finance flowing to fossil fuels, and start recommending dramatically increased public finance on fair terms for renewable energy and energy efficiency.”
Asia Civil Society Reactions to the Asia Zero Emission Community Summit Statement
Groups denounced the final statement from leaders of ASEAN member states, as leaders announced the Asia Zero Emission Community Joint Statement claiming a need to use gas, ammonia, biomass, hydrogen, and nuclear for greenwashing in Asia.