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 Danish Government just announced the cancellation of the 8th North Sea licensing round, a ban on future offshore licencing (following an onshore ban in 2018), and a ban on all offshore production by 2050. Hannah McKinnon of Oil Change International responded as follows.
Eight main street U.S. banks have substantially increased their investment in the troubled Mountain Valley fracked gas pipeline project, updated analysis by Oil Change International revealed today.
Today development banks signed a joint declaration at the first global summit of development banks, Finance in Common. Before the summit, the UN Secretary General, youth climate activists, and over 300 civil society organisations all urged development banks to act to end fossil fuel investments. However, the joint declaration only includes a vague commitment to “consider” ways to reduce fossil fuel investments.
Stop the Money Pipeline, a coalition pushing financial institutions to end support for the fossil fuel industry, sent a letter to the Biden/Harris transition team urging strong climate action criteria regarding appointments to financial regulators and the Treasury Department.
Despite repeated pledges to end inefficient fossil fuel subsidies, G20 governments’ support to fossil fuels has dropped by only 9% since 2014–2016, hitting USD 584 billion annually over the last three years, according to a report released today by the International Institute for Sustainable Development (IISD), the Overseas Development Institute (ODI), and Oil Change International (OCI).
European Development Finance Institutions fall short on climate ambition by allowing continued financing for fossil gasToday, one week ahead of the Finance in Common Summit, the Association of European Development Finance Institutions (EDFI) announced joint ambitions for climate action. The institutions commit to full Paris alignment by 2022 and to end coal and fuel oil financing. For gas finance, they commit to “generally exclude [such finance] by 2030 at the latest”, but leave the room open to gas financing beyond 2030 in certain cases.
"If banks won’t stop funding climate devastation, our government must force their hand, and Senator Merkley's bills would force the action we need," said David Turnbull of Oil Change International.
“This report shows that the UK has a clear opportunity to show climate leadership and stop propping up deadly fossil fuels with public money.
Limiting warming to 1.5ºC is both urgent and possible, but governments and investors alike need pathways that allow them to plan for success, not further entrench fossil fuels.
Today, the French government outlined new measures aimed at greening the country’s export credit support policy. Under the proposed new policy, France will continue supporting fossil fuel projects worldwide until at least 2035. OCI urges the French government to reconsider this end date as it is grossly misaligned with the Paris Agreement.
