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This increases the number of signatories to 30 and the annual average of potential public finance shifted out of fossil fuels and into clean energy to at least USD 23.6 billion per year. This equals 37% of annual public finance for fossil fuels provided by G20 countries and the Multilateral Development Banks (MDBs) between 2018 and 2020.
This increases the number of signatories to 29 and the annual average of potential public finance shifted out of fossil fuels and into clean energy to at least USD 21.7 billion per year.
The report additionally reveals that burning the oil and gas projected to be produced in the Permian Basin by 2050 will release nearly 40 billion tons of CO2, almost 10% of the remaining global carbon budget for staying under 1.5°C. 80% of these emissions, over 30.6 billion tons of CO2, would come from burning the liquids and gas produced from new wells that were not in production at the end of 2020, signaling an urgent need — but an opportunity — for President Biden to immediately deny new oil and gas infrastructure permits.
Last Thursday on November 4, 25 countries and institutions committed to end international public finance for unabated oil, gas, and coal by the end of 2022 at the United Nations climate conference in Scotland (COP26). Today, the Netherlands has confirmed that it will also join the initiative.
Today at COP26, more than 20 countries and institutions launched a joint statement committing to end direct international public finance for coal, oil and gas by the end of 2022 and prioritize clean energy finance. This initiative could directly shift more than USD 18 billion a year of support out of fossil fuels and into clean energy.
U.S. environmental and climate justice groups launched a new print ad in The Herald, Scotland’s largest daily newspaper, calling on President Biden and U.S. delegates to reject 23 liquefied natural gas terminals and pipelines sitting on their desks for approval.
Today the United States and over 20 other countries and institutions from both developed and developing countries committed to end direct international public finance for unabated coal, oil and gas by the end of 2022 and prioritize clean energy finance.
The climate plans of major oil and gas companies operating in Canada rank among the worst worldwide and will accelerate the climate crisis rather than help Canada and the world limit warming to 1.5 degrees Celsius (ºC), according to a new report launched at the UN Climate Change Conference.
The Build Back Fossil Free campaign rallied ahead of U.S. President Joe Biden’s remarks at the United Nations climate summit today in Glasgow, urging Biden to take executive action to stop fossil fuel projects.
"President Biden's claim that the U.S. is 'leading by example' is a slap in the face to communities suffering daily from the impacts of the climate crisis and fossil fuel extraction," said Rees.
