Oil Change International is a research, communication, and advocacy organization focused on exposing the true costs of fossil fuels and facilitating a just transition to clean energy. For media inquiries, please contact: Valentina Stackl at press@priceofoil.org
The Stop the Money Pipeline Coalition welcomes Biden's Executive Order as an important step for the climate finance movement and urges the administration to deliver strong reports and action plans ahead of the COP26 climate talks in Glasgow.
The IEA's new 1.5°C-aligned scenario finds “no need for investment in new fossil fuel supply.” This represents a break from past IEA reports that boosted new oil and gas development by focusing on scenarios that steered the world towards catastrophic levels of warming. This is a big step in the right direction.
Yesterday, the Spanish Parliament adopted a wide-ranging Climate Change and Energy Transition law, which includes a ban on new fossil fuel exploration and production licenses.
National organizations are demanding President Joe Biden appoint a strong climate leader as Federal Reserve Chair who will implement policies and rules at the scale needed to address the climate crisis.
The Asian Development Bank issued its draft energy policy on Friday following the conclusion of its 54th Annual Meeting and clarion calls from the United Nations to end financing for all fossil fuels including gas. This first draft has ruled out financing for coal but allows for continued gas finance which dominates the ADB’s fossil fuel lending.
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.
A new analysis shows the Asian Development Bank has spent $4.7 billion financing gas projects in the region. This undermines its stated commitments on climate and efforts to achieve a “prosperous, inclusive, resilient, and sustainable Asia and the Pacific.”
"California is the highest-producing jurisdiction in the world so far to commit to a phase-out of oil extraction, and other major producers need to join the state in committing to move beyond oil and gas," said Collin Rees of Oil Change International.
"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 leadership requires a full reckoning with the realities of what’s driving our climate crisis: fossil fuels. Without a robust plan from rich countries in particular to ramp down fossil fuel production and ramp up support for communities for a just transition to a renewable energy economy, any conversation about ‘climate leadership’ is incomplete at best, or misleading at worst.
