Oil Change International publishes upwards of 20 reports and briefings every year focused on supporting the movement for a just phase-out of fossil fuels.
Rich country leaders can unlock $6.6 trillion (USD) per year in public funding to pay their fair share for climate action at home and abroad. By ending fossil fuel handouts, making big polluters pay, and taxing the super rich, governments can raise the public money needed for a global just transition to renewables and other urgent needs from healthcare to housing.
This report details how governments’ dominant “private-sector led” approach to financing a just energy transition is prolonging the fossil fuel era.
Last year at COP28, governments committed to transition away from fossil fuels. The next key step to make good on this landmark energy agreement is rich countries agreeing to a new climate finance goal of at least $1 trillion annually to make this possible. This will allow countries to deliver national climate plans (NDCs) due in 2025 that phase out fossil fuels.
This report, Banking on Climate Chaos 2023, analyzes fossil fuel financing and policies from the world’s 60 largest commercial and investment banks. We reveal that fossil fuel financing from the world’s 60 largest banks has reached nearly USD $5.5 trillion in the seven years since the adoption of the Paris Agreement, with $673 billion in 2022 alone.
This report, Banking on Climate Chaos 2022, analyzes fossil fuel financing and policies from the world’s 60 largest commercial and investment banks. We reveal that fossil fuel financing from the world’s 60 largest banks has reached nearly USD $4.6 trillion in the six years since the adoption of the Paris Agreement, with $742 billion in 2021 alone.
There is growing recognition that central banks must act to confront the climate crisis. They have the tools to catalyze and accelerate the end of financing for fossil fuels – through monetary policy, regulatory action, and excluding fossil fuel assets from their own portfolios. But, with only limited exceptions, they are not using these tools. This report identifies 10 criteria for assessing central banks against the Paris Agreement’s objective, and applies them to assess 12 major central banks.
In advance of this year's G7 Summit, 353 organizations from 58 countries have signed a letter calling on G7 leaders to stop financing fossil fuels; cancel debt payments in global South countries grappling with COVID-19 and climate impacts, and pay their fair share of climate finance to global South countries for climate adaptation among other demands.
A handful of wealthy countries are still funding fossil fuels instead of climate action, giving 3.6 times more public money to prop up fossil fuels than they’re giving to developing countries to address climate change.
New analysis released today at the COP21 climate negotiations reveals that G7 countries along with Australia spend 40 times more on support for fossil fuel production than they do in contributions to the Green Climate Fund.
But as shown in a briefing released by Oil Change International today, while Annex 2 (developed) countries continue to debate how to honor their commitment to provide $100 billion each year by 2020 to help developing countries reduce emissions and adapt to climate impacts, these same countries are providing five times more public support for fossil fuel production and consumption than they have so far pledged in climate finance. These fossil fuel subsidies are driving the global growth in greenhouse gas emissions and therefore directly undermining investments to reduce climate impacts.
