Today at COP26, more than 20 countries and institutions launched a joint statement committing to end direct international public finance for coal, oil and gas by the end of 2022 and prioritize clean energy finance. This initiative could directly shift more than USD 18 billion a year of support out of fossil fuels and into clean energy.
public finance
Past Last Call: G20 public finance institutions are still bankrolling fossil fuels
Our new report “Past Last Call: G20 public finance institutions are still bankrolling fossil fuels” looks at G20 country and MDB public finance for fossil fuels from 2018-2020 for the first time and finds they are still backing at least USD 63 billion per year in oil, gas, and coal projects.
Civil society organizations react to World Bank Climate Change Action Plan’s failure to end finance for fossil fuels
The plan leaves the door open for new gas finance and keeps existing loopholes for continued support for all fossil fuels.
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.
Oil Change International response to Biden Administration announcements on international finance
“Today’s announcement by President Biden on international fossil finance is welcome but the lack of firm commitments falls short. We urge the Biden administration to add a clear commitment to an immediate phase-out, with no loopholes for gas or any other continued fossil support.”
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.
CSOs say newly launched export finance leadership coalition (E3F) fails to lead
In response to the launch of a new Export Finance for the Future coalition (E3F), 21 CSOs from 14 countries released a statement criticizing the lack of ambition from the coalition.
Oil Change Response to newly launched Export Finance for Future (E3F) coalition
This new coalition will coordinate actions between nations leading the charge on eliminating public finance for fossil fuels, and will build momentum to provide political guidance in future multilateral negotiations.