(Oil Change Int'l, Washington, 20 December 2024) OECD members have failed to pass a landmark deal to end over $40 billion in public subsidies to fossil fuels. Despite last-ditch attempts by senior government and ...
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(Global Trade Review, London, 27 November 2024) The two-week-long UN Climate Change Conference (Cop29) ended last week with a contentious pledge by wealthy countries to increase climate finance. While the commitment was criticised by developing nations as insufficient, objections from some of...
more(Friends of the Earth, Washington, 21 November 2024) Today at the conclusion of the OECD Export Credit Group negotiations, participating nations failed to reach an agreement on fossil fuel finance, despite scientists’ repeated calls for urgent climate action. While no formal conclusion has been...
more(Bloomberg, 17 September 2024) A group of developed nations will make a new push to resolve differences amid fading prospects for a deal to restrict funding of foreign oil and gas projects by their export credit agencies. Restricting export credit agencies is seen as a potentially important...
more(Financial Times, New York, 23 September 2024) Coalition of 14 governments announces financing network for projects to provide raw materials required by tech industry. Western nations are directing their development finance and export credit agencies to work with private industry to support...
more(Guardian, London, 24 September 2024) Rich countries could raise five times the money that poor countries are demanding in climate finance, through windfall taxes on fossil fuels, ending harmful subsidies and a wealth tax on billionaires, research has shown. Developing nations are asking for...
more(BNN Breaking News, Hong Kong, 29 February 2024) Environmental and human rights organizations have taken a stand against Standard Chartered, filing a complaint with Britain's National Contact Point for Responsible Business Conduct (NCP) over the bank's financial involvement in four coal-fired...
more(Thomasnet, New York, 29 January 2024) The developer of the world’s first large-scale plant that will manufacture “green” steel has now secured some $7 billion in financing for the project to date, company officials announced. More than 20 lenders signed onto the debt financing, including the...
more(ProPakistani, Islamabad, 14 December 2023) The Private Power and Infrastructure Board (PPIB) announced the $2 billion financial close of the Thar coal-fired power project, which is currently under Chinese management. The project’s main sponsor is Shanghai Electric Group Corporation, while the...
more(Global Trade Review, London, 15 November 2023) A proposal to end export finance for oil and gas supported by the UK, EU and Canada will remain under discussion at next year’s OECD meetings after being tabled last week during negotiations in Paris. If agreed, the proposal would see a ban on...
moreThe climate crisis can't be solved if export credit agencies continue to support fossil fuels. We, a group of concerned civil society organizations, call on governments to immediately end all export credit and other public support for fossil fuels.
(Resiliance, US-UK-AU, 11 July 2023) The global energy crisis fueled by Russia’s invasion of Ukraine sparked widespread fears of a “return to coal” – yet, to date, there is scant evidence of this. Indeed, in the world of project financing, any supposed rebound has been illusory. The financing...
more(Reinsurance News, Brighton, 15 May 2023) Berne Union, the global association for the export credit and investment insurance industry, has reported that its market showed “strong growth” across business lines in 2022 and a fall in claims paid overall. Highlights from the year’s data show that...
more(IFC, Washington, no date 2023) One of the key goals of the Paris Agreement is to ensure that financial flows are consistent with a pathway toward low emissions and climate resilient development. In 2020, The International Finance Corporation (IFC) the World Bank’s private sector arm launched...
more(South China Morning Post, Hong Kong, 4 May 2023) The number of financial institutions globally that have committed to coal divestments has doubled in the past three years, but it remains negligible in China, according to a new IEEFA study. While more than 200 “globally significant” companies...
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