Fossil fuel subsidies
Rich countries sink billions into oil and gas despite Cop26 pledge
The US, Germany and Italy have been accused of backsliding on a Glasgow promise to end public subsidies to fossil fuel projects overseas
Germany plans to keep funding new gas projects overseas despite pledge
Draft guidelines for its export credit agency signal support for some gas projects until 2025 – three years after the deadline set by the Glasgow pledge
Public banks agree to check investments against countries’ climate plans
Ten multilateral development banks have agreed on how to make sure their investments meet climate goals. But experts told Climate Home the rules do not go far enough.
US backs Indonesian oil refinery despite pledge to end fossil fuel finance
The US has been accused of “breaking” a key climate financing commitment by approving almost $100m in support for an overseas fossil fuel project
OECD reforms set to give “green” projects better export finance
OECD countries agree to extend support for ‘climate-friendly’ projects. But vague definitions and inclusion of contested activities worry campaigners.
UK faces legal action over public finance for Mozambique gas project
Friends of the Earth is launching a judicial review over the UK government’s decision to back the multi-billion development, arguing it is inconsistent with the Paris Agreement
US plans to end fossil fuel finance overseas, threatens billions in support for oil and gas
Joe Biden has pledged to work to end public funding of ‘carbon-intensive’ fossil fuel projects – a wording campaigners fear leaves the door open to methane gas
Exclusive: Japan uses ‘environmental’ fund to finance Vietnamese coal plant
The Japan Bank for International Cooperation approved a loan to the controversial Vung Ang 2 coal project from a facility intended for “environmental preservation”
China’s environment ministry floats ‘ban’ on coal power investment abroad
A Chinese government-commissioned report proposes stricter environmental standards for “belt and road” investments, but it needs buy-in from financial institutions
Saudis and Europeans reach compromise on climate as G20 projects unity
EU leaders endorsed Riyadh’s contentious “circular carbon economy” vision at the G20 summit, in exchange for a renewed commitment to phasing out fossil fuel subsidies
As young people, we urge financial institutions to stop financing fossil fuels
Development banks supporting dirty projects are exacerbating climate chaos. This year needs to be a turning point to a just and sustainable future
Campaigners confront IMF chief over green recovery contradictions
Analysis shows IMF advice to countries accessing Covid-19 emergency funds fails to systematically address climate risks and implicitly endorses fossil fuel subsidies
Saudi-led G20 energy statement backs fossil fuel bailouts
Neglecting to mention climate change or commitments to end fossil fuel subsidies, G20 energy ministers focused on stabilising the oil market
For all its green talk, the IEA still gives comfort to oil and gas producers
Under Fatih Birol, the International Energy Agency leads talk of a green recovery, yet dodges hard questions about phasing out dirty energy
Guterres confronts China over coal boom, urging a green recovery
China’s provinces have overseen a coal plant building spree in the first half of the year, in a bid to revive the Covid pandemic-hit economy
World Bank policy advice boosts oil and gas, undermining climate goals
In technical assistance to governments like Mozambique’s, the World Bank favours the interests of the fossil fuel industry over those of ordinary citizens
No time for loopholes: Japan must immediately end all overseas coal finance
Environment minister Shinjiro Koizumi promised to scrap funds for dirty power plants abroad, but the government is making too many exceptions
Saudi Arabia censors fossil fuel subsidy discussion as G20 host
Riyadh is scrubbing the word “subsidy” from expert briefings, despite a commitment from G20 countries to phase out “inefficient” support to coal, oil and gas
Gas curse: Mozambique’s multi-billion dollar gamble on LNG
A vast gas discovery promises riches for the people of Mozambique, but it can only pay off in a dangerously overheated world
After the oil crash, we need a managed wind-down of fossil fuel production
To meet climate goals and avoid further market chaos, governments need to plan the decline of coal, oil and gas production, with support for workers