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All financial institutions, public and private, including the World Bank, must still work toward aligning their finance with the aim of keeping global temperature increase below 1.5 degrees Celsius, but today, the World Bank set a high new bar in climate leadership.
The 12 projects contained in today's new briefing are examples that demonstrate how public finance is still acting as a critical lifeline for destructive fossil fuel projects, many of which could not otherwise be built, and how this support continues to this day, a full year after the Paris Agreement entered into force.
The fight against the Mountain Valley Pipeline is not over. Hundreds of Virginians circled the state Capitol last weekend, and Virginians across the state will continue to oppose this dangerous pipeline. The Mountain Valley Pipeline is a boondoggle that imperils our climate and communities. It must not be built.”
Early this morning, the Senate passed a tax overhaul bill riddled with tax breaks for wealthy individuals and corporations, more handouts to fossil fuels, and provisions that would imperil health coverage for millions.
Today the Nebraska PSC chose to stand with Trump, climate denial, and Big Oil. Good luck with that. Whatever happens now there is precisely zero chance that the global citizen, investor, and government momentum behind the Paris goals and against the fossil fuel industry will be stopped. Even if Trump and the PSC are out, the rest of the world is #stillin.
High level officials from Pacific Islands have called for a reining in of fossil fuel production in order to stay within the climate limits agreed to in Paris. They were joined in their call by civil society, indigenous, and academic voices. These calls echo the asks of the Lofoten Declaration, which affirms that it is the urgent responsibility and moral obligation of wealthy fossil fuel producers to lead in these efforts.
Today, Germany quietly released the ‘German Report on the Phasing-Out of Inefficient Fossil Fuel Subsidies,’ the country’s self-review as part of the G20 fossil fuel subsidies peer review process. Despite Germany’s rising fossil fuel subsidies, the review states that Germany plans to end only two subsidies, and claims that none of the other fossil fuel subsidies are ‘inefficient,’ supposedly putting them outside the G20 subsidies phase-out pledge.
“The IEA must help the world plan for success in reaching the Paris goals. That can’t happen until a real climate scenario forms the heart of World Energy Outlook.”
This tax bill will be no surprise, but it would be a disaster. It is the latest example of GOP efforts to prop up the dirty fossil fuel industry and their corporate cronies while giving short shrift to American families.
A coalition of environmental and climate justice, Indigenous rights, public health, consumer, and environmental groups delivered two letters urging lawmakers to oppose including the giveaway of billions of taxpayer dollars to the fossil fuel industry in any tax bill.
