The OECD has adopted a new list of “climate-friendly” projects that will benefit from preferential financial terms for export support. But a number of projects are poorly defined, potentially allowing for preferential financial incentives for export credit agency investments in gas.
public finance
The Netherlands contradicts COP26 promise, moves ahead to support 30 year oil and gas production project in Brazil
The Netherlands just contradicted its COP26 pledge to end public finance for fossil fuels by the end of 2022 and shift this money to clean energy by issuing a commitment to insure the Brazil Santos Basin Pre-Salt Pole oil and gas production project for around USD 321 million.
New report: Commitment to end international finance for fossil fuels is shifting billions, but key countries breaking promises missing in action
Promise Breakers, a report released today by Oil Change International, reveals that the stop funding fossils commitment forged at COP26, is already shifting an estimated USD 5.7 billion per year out of fossil fuels and into clean energy, with the potential of a further 13.7 billion per year if all signatories fulfill their commitments.
Promise Breakers: Assessing the impact of compliance with the Glasgow Statement commitment to end international public finance for fossil fuels
New research shows stop funding fossils commitment forged at the 2021 UN climate summit is already shifting an estimated USD 5.7 billion per year out of fossil fuels and into clean energy. If all signatories fulfill their commitments, then a further 13.7 billion per year will be shifted out of fossil fuels and into clean energy.
Response: Malpass departure must be the start of a fossil free World Bank
“Despite Malpass’s departure, the World Bank Group still funds more fossil fuels than any other multilateral development bank. Ending this support must be top priority ahead of the Bank’s Spring Meetings,” said Tucker.
Spain’s export credit agency restricts fossil fuel finance, but leaves major gas loopholes
Policy falls short of a major pledge Spain made at the 2021 COP26 UN climate summit to stop financing fossil fuel projects.
Blocking a Carbon Bomb: Tiwi Islanders prevent $4.7 billion Barossa offshore gas project in Australia
In a landmark decision, the Federal Court of Australia ruled that Santos Ltd, one of the world’s top 20 largest oil and gas companies, would not be allowed to drill in the Barossa gas fields off the coast of northern Australia, solidifying legal victory for the Tiwi Islander Plaintiffs.
Oil Change International experts respond to COP27:Â Lack of progress on fossil fuels mars key steps on loss and damage
Despite important progress on establishing a loss and damage fund, COP27 failed to acknowledge the need for a rapid and equitable phase-out of oil, gas, and coal.
Germany, Italy, Canada, United States warned to keep their climate promise on first anniversary of initiative to end public finance for fossil fuels
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.
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.