Research

Research released today by Oil Change International and ClientEarth, Wasting Public Money, reveals how Germany is at risk of watering down a 2021 pledge to end taxpayer-backed financing of fossil fuel projects overseas. It outlines Germany’s long-term international role as a significant backer of fossil fuel projects overseas, sounds the alarm that the German coalition may soon seek to weaken their guidelines restricting international fossil fuel finance, and reveals that Germany is considering nearly EUR 1.2 billion in support for overseas fossil fuel projects.

The 16th annual Banking on Climate Chaos (BOCC) report covers the world’s top 65 banks’ lending and underwriting to over 2,700 fossil fuel companies. While the world’s top scientists from the International Energy Agency (IEA) repeatedly state that there is no need for a single new oil field, tanker, pipeline, or any fossil fuel expansion whatsoever, banks ignore climate risk and increase finance for dirty energy companies expanding their sector. This is amidst a rapid retreat from climate commitments many of these banks made at COP26 in Glasgow in 2021.