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 [email protected]
Promise Breakers, a report released today by Oil Change International, reveals that the stop funding fossils commitment forged at COP26, is already shifting an estimated USD 5.7 billion per year out of fossil fuels and into clean energy, with the potential of a further 13.7 billion per year if all signatories fulfill their commitments.
Last week, OECD countries failed to conclude negotiations on climate friendly incentives to align Export Credit Agencies, the world’s largest international financiers of fossil fuels, with international climate goals.
Approving ConocoPhillips’ dirty and dangerous Willow Project is a tremendous strike against President Biden’s legacy on both climate and environmental justice. The Willow project would be a colossal source of climate pollution, emitting a whopping 278 million metric tons over the next three decades — equivalent to the annual emissions of one-third of all remaining U.S. coal plants.
“CCUS is a dangerous distraction from rapidly and equitably phasing out fossil fuels. Giving more public money to prolong Big Oil’s political power and profits is the wrong approach and a poor use of public funds," said Collin Rees.
175+ organizations call on the OECD to end oil and gas finance. As a first step towards this objective, an OECD member must table a proposal to prohibit oil and gas support at next week’s OECD meeting.
Russia’s invasion of Ukraine one year ago is a wake-up call to stop dependence on unstable and war-driven fossil fuels, and instead transition to reliable renewable energy. Oil companies are both fueling and profiting from this crisis, while the rest of the world has suffered dire consequences.
President Biden’s choice of Ajay Banga is disappointing. This moment demands a World Bank leader who will prioritize the urgency of the climate crisis, not another Big Business executive with no experience in development, environmental work, or the public sector.
"Despite Malpass's departure, the World Bank Group still funds more fossil fuels than any other multilateral development bank. Ending this support must be top priority ahead of the Bank's Spring Meetings," said Tucker.
A coalition of civil society groups have called for the immediate cancellation of a massive oil and gas auction in the Democratic Republic of Congo (DRC) following news of a secret deal between Oil Minister Didier Budimbu, Nigerian gambling tycoon Chukwuma Ayodeji Ojuroye, and US consultancy GeoSigmoid.
Policy falls short of a major pledge Spain made at the 2021 COP26 UN climate summit to stop financing fossil fuel projects.
