Public Energy Financing Overseas
As part of our international sustainable finance campaign, we track government-backed institutions that fund energy projects overseas. We work to end public financing of fossil fuels and to give a voice to affected communities.
The Biden Administration has broken a major promise to end its international public finance for fossil fuels, a new report by Oil Change International highlights.
Today President Biden announced that he will nominate Ajay Banga to be President of the World Bank, on the heels of current World Bank President David Malpass’s announcement of resignation one week ago.
New research released today by Oil Change International and Friends of the Earth U.S. reveals that in 2021, G20 countries and major multilateral development banks continued their preferential financing of fossil fuels.
The U.S. government has spent more than $44 billion on fossil fuel projects overseas over the last decade.
EXIM continues to invest in projects with severe environmental impacts, human rights abuses, and detrimental effects on local communities and public health.
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.