The new report finds that wealthy nations — the United States, United Kingdom, Canada, Norway, and Australia — planning to approve and subsidize new fossil fuel projects which undermines their recent claims of leadership in addressing the climate crisis.
Oil and gas
Spain joins commitment to end international oil, gas, and coal finance, bringing total for potential finance shifted to USD 23.6 billion per yearÂ
This increases the number of signatories to 30 and the annual average of potential public finance shifted out of fossil fuels and into clean energy to at least USD 23.6 billion per year. This equals 37% of annual public finance for fossil fuels provided by G20 countries and the Multilateral Development Banks (MDBs) between 2018 and 2020.Â
New OECD coal financing restrictions represent weak progress
Today the OECD Export Credit Group announced new restrictions on its support for overseas coal projects. The restrictions do not address export finance for coal mines and related infrastructure, nor oil and gas financing even if the latest IEA report shows that investments in new fossil fuel production need to end this year to limit warming to 1.5°C.
IEA’s first 1.5°C-aligned scenario bolsters call for no new fossil fuel extraction
The IEA’s new 1.5°C-aligned scenario finds “no need for investment in new fossil fuel supply.” This represents a break from past IEA reports that boosted new oil and gas development by focusing on scenarios that steered the world towards catastrophic levels of warming. This is a big step in the right direction.
Only 6 months left till COP26. What must the UK do to make it a success?
With only six months left till COP26, the UK host has work to do. Ending public finance for fossil fuel projects overseas shows potential, but the UK’s lack of action on fossil fuels domestically risks undermining its credibility.
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.
Export credit agencies and states potentially at risk of climate litigation over finance for fossil fuels
A new legal opinion lays out the international law obligations of ECAs that are responsible for tens of billions of dollars per year in support for fossil fuels.
Bad Data and Deception: The American Petroleum Institute Pivots on Methane
A detailed analysis by Oil Change International of the public statements and commitments by the American Petroleum Institute (API) around methane emissions and climate change has uncovered a decade of spurious data, deceptive messaging, and disingenuous public positioning by the big oil spin doctors.
True climate leaders must take decisive action to stop fossil fuel expansion at Biden’s Climate Summit
Rich countries at this week’s Climate Summit need to take decisive action to stop the expansion of oil and gas production, both at home and abroad, both to protect the global climate and local communities. True climate leadership means breaking away from destructive oil and gas and investing in real solutions and green jobs that will help people and the planet thrive.
Banking on Climate Chaos 2021: Fossil Fuel Finance Report
This report analyzes fossil fuel financing from the world’s 60 largest commercial and investment banks — aggregating their leading roles in lending and underwriting of debt and equity issuances — and reveals that these banks poured a total of USD $3.8 trillion into fossil fuels from 2016–2020.