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US, South Korea, and Japan fail to follow suit The European Union, the United Kingdom, and Canada are ready to be climate leaders by proposing phasing out fossil fuel finance through Export Credit Agencies at the OECD. This move reflects a commitment to aligning public financing with climate goals and the urgent need to transition to clean energy.
As countries conclude preliminary talks in Abu Dhabi ahead of the UAE-hosted COP28 climate summit, an agreement to phase out fossil fuels has taken center stage as a key expected outcome.
Over 250 organizations from 30 countries call on governments to support fellow OECD members' efforts to end oil and gas export finance at OECD meeting on 6 November 2023.
Yesterday night European Union (EU) environment ministers agreed on their negotiation position for COP28, the UN climate conference starting at the end of November in Dubai - and ambiguity on abatement technologies risks undermining negotiation success.
"The United States can help lead a shift of billions of dollars from last century’s dirty energy into the clean, renewable energy of the future, but EXIM's fossil fuel approvals like Liwathon are a huge step backward."
Ending fossil fuel subsidies presents a massive opportunity to shift billions to pay for energy efficiency, renewable energy, and climate finance, as well as to social protection measures that can mitigate any harmful impacts on households. If the Netherlands takes action now, it has an opportunity to bring other countries along at COP28, the upcoming UN climate conference in Dubai.
"The only logical course of action is for governments to arrive at the negotiations prepared to take action commensurate with what the science is telling us: agree to a managed, planned decline of fossil fuel production to avoid the worst impacts of the existential climate crisis."
