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.
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.
A new report released by Friends of the Earth U.S. and Oil Change International reveals G20 countries have provided at least $77 billion a year in public finance to oil, gas and coal projects since the Paris Climate Agreement.
A network of secretive, government-backed financial institutions called export credit agencies are handing more than $31 billion USD per year to the oil, gas, and coal industry, new analysis by Oil Change International and Friends of the Earth U.S. shows.
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.