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
Chinese Contractor’s Offer for Bosnia’s Tuzla 7 Coal Power Plant Rejected
Just Finance International welcomes the July 14th announcement by the Federation of Bosnia and Herzegovina (FBIH) government that it will reject a proposal for an alternative Chinese subcontractor for the proposed Tuzla 7 coal fired power plant, and calls on the Federation of BiH Parliament to choose to ditch the plant’s construction.
Bosnia’s planned Tuzla 7 lignite plant on the rocks after state aid U-turn
The future of the planned 450 MW Tuzla 7 lignite plant in Bosnia and Herzegovina is again in doubt after… Continue reading Bosnia’s planned Tuzla 7 lignite plant on the rocks after state aid U-turn
Letter: World Bank Group finance involving Russia and Belarus
Another important issue with regard to the war on Ukraine: the World Bank Group’s finance involving Russia and Belarus. We support the efforts of CEE Bankwatch, Ukrainian NGO Ecoaction and Urgewald’s joint letter to WB Executive Directors, urging them to stop equity investments, trade finance and guarantees involving entities linked to Russia and Belarus.