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For Immediate Release

Contact

Laurie van der Burg, laurie@priceofoil.org
Collin Rees, collin@priceofoil.org

Press Release

Reaction to Anticipated Pledge from Twenty Countries to End Finance for Overseas Fossil Projects

WASHINGTON -

Today, news broke that tomorrow at COP26, approximately 20 countries and institutions will pledge to end finance for overseas fossil fuel projects. The list of signatories is led by the United Kingdom, and reporting indicates it may include the United States and others. 

In response, civil society advocates released the following statements: 

Tasneem Essop, Executive Director at Climate Action Network International: 
“Shutting fossil fuels down is critical for tackling the climate crisis. This announcement could be a critical step in the right direction, especially given the weak update from the Multilateral Development Banks on their Paris Alignment efforts earlier this week. All public money needs to be urgently redirected into a just energy transition that ensures clean universal energy access for communities in the Global South and support for coal, oil, and gas workers and communities — without saddling countries with any further debt.”

Laurie van der Burg, Global Public Finance Campaigns Co-Manager at Oil Change International: 
“Of course the devil will be in the details, but if the statement on ending public finance for fossil fuels and shifting support to clean energy that will be launched tomorrow is truly as ambitious as it is said to be, the signatories are finally doing what’s most logical in a climate emergency: stop adding fuel to the fire and shift dirty finance to climate action. Only this way can we avoid the worst climate crisis scenarios. We need to see much more of this to help deliver and exceed climate finance promises and support real solutions that meet community needs — particularly in the Global South. Other countries and institutions must follow suit.” 

Collin Rees, U.S. Program Manager at Oil Change International: 
“If these reports are true, the United States and other signatories are finally doing what’s logical in a climate emergency — recognizing the need to stop pouring fuel on the fire. Shifting dirty oil and gas finance to truly clean energy is the only way to avoid the worst impacts of the climate crisis. We need much more of this real climate leadership from President Biden — both at home and abroad — to meet and exceed finance promises and support communities in the U.S. and the Global South. I look forward to Biden’s team engaging with other institutions to join this initiative and end international support for fossil fuels once and for all.”

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Oil Change International is a research, communications, and advocacy organization focused on exposing the true costs of fossil fuels and facilitating the ongoing transition to clean energy.

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