The global climate emergency needs financing for climate solutions, yet state-mandated institutions and companies continue to bankroll coal, oil and gas investments.
And despite international commitments to phase out the exploration and construction of coal power plants, companies and banks are still enabling the expansion of coal industry, which remains the world’s most carbon-intensive and polluting energy source.
The United Nations Intergovernmental Panel on Climate Change (IPCC) states that if the Paris climate goals are to be achieved, all untouched fossils must stay in the ground, and that all state subsidies for extraction and export must be stopped. Just Finance International calls on governments and financial institutions to take the lead in ending the financing of fossil fuels by export credit agencies and development finance institutions.
News about fossil fuel finance
NGOs Hail Chinese Banks’ Exit from Bosnia’s Controversial Ugljevik III Coal Plant Project
The future of a planned 700 MW Ugljevik III coal power plant in Bosnia and Herzegovina is in doubt after one of the project companies, Sunningwell International Limited, confirmed that Chinese bank loans will not be available for the project.
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Despite Xi’s Pledge, China Is Financing Coal Power Plants in Bosnia and Herzegovina
Despite a pledge to stop financing coal power abroad, overseas coal power plants financed by Chinese banks and state-owned enterprises… Continue reading Despite Xi’s Pledge, China Is Financing Coal Power Plants in Bosnia and Herzegovina
CSOs welcome political commitment to end international oil, gas, and coal finance by end of 2022, say others need to follow suit
Glasgow, 4 November 2021 – Today at COP26, more than 20 countries and institutions, including the United States, Canada, Mali… Continue reading CSOs welcome political commitment to end international oil, gas, and coal finance by end of 2022, say others need to follow suit