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]
As the African Development Bank (AfDB) kicks off its first-ever Africa Investment Forum in South Africa, a new report finds that the AfDB’s own support for the most cost-effective energy access solutions lags far behind what is needed – in contrast to its world-leading pledge to scale up energy access on the continent.
While the MDBs endorsed the Sustainable Development Goals, this new report shows that from 2014 through 2017, MDBs directed just 2% of their energy finance toward the off-grid and mini-grid energy solutions.
"This is an important step by the IFC to redirect its investment to align with the Paris Agreement on climate change, and other financial institutions should sit up and pay attention," said Alex Doukas of Oil Change International
Yesterday, the European Bank for Reconstruction and Development (EBRD) released a revised draft of its energy sector strategy. The draft of the new strategy is due to be finalized by the end of 2018, and will have bearing on billions of dollars in public finance for energy.
"While this new commitment is an important step forward, it’s not enough. Millions of people are currently being left behind when it comes to accessing clean, affordable energy. The World Bank must commit to significantly scaling up its finance to support energy access for those without it, particularly for distributed renewable energy solutions."
"G7 countries must turn words into action and develop a detailed roadmap for phasing out fossil fuel subsidies by 2025. For Canada, this responsibility ultimately lies with Environment and Clean Growth Minister Catherine McKenna and Finance Minister Bill Morneau," said experts from the #StopFundingFossils coalition.
"De facto halting this dangerous project keeps open the only credible path for Canada to live up to its obligation to fight climate change. Building new, long-lived pipelines in support of ever-growing oil production and export is wholly incompatible with the rapid transition away from fossil fuels required."
If we want to stave off the very worst impacts of our climate crisis, we need to move as quickly as possible away from fossil fuels. That means cutting both our collective demand for oil, gas, and coal as well as reducing the supply of fossil fuels that helps to drive that demand.
Nobel Peace Prize Laureates Ask Governor Brown to Take “Moral Responsibility,” Pursue Bold Action to Phase Out Fossil Fuels
Oil Change International and Platform express their solidarity with striking workers on platforms in the North Sea operated by French oil giant Total.
