International Sustainable Finance
At Friends of the Earth, we work to strengthen and raise environmental and social standards at international financial institutions. Our goal is to promote the highest environmental, social, climate, and sustainability standards and practices in the international banking sector in an effort to protect the environment, communities, and climate on a local and global level.
Instead of embracing bold climate solutions endorsed by the climate movement it relies on backward-looking propositions that prop up the dying fossil fuel industry
Climate change’s disproportionate impact on less developed countries will only worsen if finance institutions continue to pour billions of dollars into dirty fossil fuel projects.
ECAs (institutions that finance the international operations of corporations from their home country) are the largest public financiers of fossil fuel projects, spending 14 times as much on fossil fuels as clean energy.
The headline finding is that from 2016 to 2018 G20 countries provided an average of USD $77 billion a year in public finance for fossil fuels.
The international statement captures growing international concern regarding how Chinese development finance can do its part in successfully addressing the COVID-19 crisis without exacerbating environmental, social, climate, biodiversity, or other risks.
An obscure government agency, the U.S. Export Import Bank (EXIM), will decide this week whether or not to fund a $5 billion liquefied natural gas (LNG) investment, the agency’s largest transaction ever.