Quantcast
Energy
Oil Change International

12 Projects That Undermine the One Planet Summit and Put the Climate at Risk

As world leaders and global financial institutions gather for the One Planet Summit on Dec. 12 in Paris, civil society groups have come together under the Big Shift Global campaign to underscore the massive finance gap remaining to shift away from fossil fuels and toward clean energy, in line with the aim of the Paris agreement on climate change to limit warming to below 1.5°C.


Monday, these groups released a briefing titled Dirty Dozen: How Public Finance Drives the Climate Crisis through Oil, Gas, and Coal Expansion, highlighting fossil fuel projects by the World Bank Group, other multilateral and national development banks and export credit agencies. These projects are examples that demonstrate how public finance is still acting as a critical lifeline for destructive fossil fuel projects, many of which could not otherwise be built, and how this support continues to this day, a full year after the Paris agreement entered into force.

On average, public finance institutions controlled by G20 governments, along with multilateral development banks such as the World Bank Group, provide $71.8 billion per year in public finance for fossil fuels, and only $18.7 billion in public finance for clean energy (figure taken from from the report Talk is Cheap: How G20 Governments are Financing Climate Disaster, July 2017).

"It's been over a year since the Paris agreement on climate change entered into force, and two years since it was agreed—yet our governments still provide billions more in public finance for fossil fuels than for clean energy," said Alex Doukas, director of the Stop Funding Fossils Program at Oil Change International. "This briefing highlights some of the most egregious fossil fuel projects receiving government financing, including exploration for more oil and gas that can never be burned if we have any hope of limiting the damage from climate change."

Accompanying the briefing, more than 175 civil society groups from over 55 countries have signed a letter urging multilateral development banks (such as the World Bank Group), export credit agencies, and the governments backing them to stop funding fossil fuels by 2020, with an urgent and immediate need to move away from financing for oil and gas exploration projects, coal mining and coal-fired power plants.

The Dirty Dozen briefing presents a wide spectrum of dirty projects, ranging from the Southern Gas Corridor (SGC) project running from Azerbaijan to Italy (the European Investment Bank will consider a proposed 1.5 billion EUR loan for the Trans-Adriatic Pipeline, the final leg of the SGC, at its Dec. 11-12 board meeting), to the 1,000-MW Cirebon 2 coal plant in Indonesia. The World Bank Group, European Investment Bank, European Bank for Reconstruction and Development, Asian Development Bank and Asian Infrastructure Investment Bank together have offered $8.07 billion to the SGC in approved and proposed loans and guarantees out $45 billion in estimated project costs, while the Cirebon 2 coal plant is receiving almost $1.15 billion in finance or guarantees from the Japan Bank for International Cooperation and the Korea Export Import Bank, two of the world's biggest coal financiers.

See the full list of the Dirty Dozen projects here.

Reposted with permission from our media associate Oil Change International.

Show Comments ()

EcoWatch Daily Newsletter

Sponsored
Food
Vegetables in Whole Foods Market. Masahiro Ihara / CC BY 2.0

Food's Environmental Impact Varies Greatly Between Producers

By Jason Daley

There's no way around it—everything in the grocery store, from nuts and kale to beef and apples, has an environmental impact. Fertilizer causes water pollution, farm fields can encroach on habitat, and a lot of carbon gets released when food is transported from one place to another. But it turns out not every stalk of broccoli or pound of Gouda has the same ecological footprint. A new study of food systems in the journal Science shows the same items sitting next to each other on the shelf can have radically different impacts.

Keep reading... Show less
Politics
U.S. Senator Ted Cruz of Texas. Gage Skidmore / Flickr / CC BY-SA 2.0

GOP Senators Demand Probe of Federal Grants on Climate Change

A group of Republican senators are calling for an investigation of the National Science Foundation (NSF) over a program that "[turns] television meteorologists into climate change evangelists," according to a Wednesday press release from the office of Sen. Ted Cruz (Texas).

Keep reading... Show less
Popular
pxhere

World's Plastic Waste Problem Now Predicted to Reach 111 Million Metric Tonnes by 2030

Mountains of plastic waste are building up around the globe after China implemented a ban on other countries' trash.

By 2030, an estimated 111 million metric tons of single-use drink bottles, food containers and other plastic junk will be displaced because of China's new policy, according to a new paper from University of Georgia researchers, who cited UN global trade data for their study.

Keep reading... Show less
Politics
Children detained at a facility in McAllen, Texas under Trump's "zero tolerance" immigration policy. U.S. Customs and Border Control

Trump Penalizes Migrants Fleeing Climate Crisis He Ignores

The impacts of climate change do not respect international borders. If they did, it wouldn't be the case that the countries who have done the least to contribute to global carbon dioxide emissions are expected to suffer disproportionately from their effects.

But as climate refugees begin to flee deteriorating conditions, they are already finding that borders very much apply to them.

Keep reading... Show less
Sponsored
Popular
Indigenous inhabitants of one of the floating islands in Lake Titicaca greet a tour group from Puno, Peru. David Stanley / CC BY 2.0

5 Ways Indigenous Groups Are Fighting Back Against Land Seizures

By Peter Veit

Much of the world's land is occupied and used by Indigenous Peoples and communities—about 50 percent of it, involving more than 2.5 billion people. But these groups are increasingly losing their ancestral lands—their primary source of livelihood, income and social identity.

Keep reading... Show less
Animals

Koko the Gorilla Dead at 46, an 'Icon for Interspecies Communication and Empathy'

Koko, the beloved western lowland gorilla who could communicate with sign language, died at age 46, the Gorilla Foundation announced. She died in her sleep on Tuesday morning in Woodside, California.

"Koko touched the lives of millions as an ambassador for all gorillas and an icon for interspecies communication and empathy. She was beloved and will be deeply missed," the foundation said in a press release.

Keep reading... Show less
Sponsored
Climate
West Palm Beach broadcast meteorologist Jeff Berardelli with the graphic used in Thursday's #MetsUnite campaign. Jeff Berardelli

#MetsUnite to Spread Climate Change Awareness as Heat Wave Season Begins

If you tune in to a TV weather report on today's Northern hemisphere summer solstice, you might notice the meteorologist wearing a unique striped tie or necklace that begins in blue and changes to red.

This isn't just a fun summer style. The design is actually University of Reading climate scientist Ed Hawkin's "Warming Stripes" visualization, which represents the change in annual global temperatures from 1850 to 2017. Nearly 100 TV meteorologists are displaying it in some way on Thursday as part of Meteorologists United on Climate Change or #MetsUnite, Weather Underground reported.

Keep reading... Show less
Popular
Pexels

'Public Relations Nightmare' Toxic Chemical Report Finally Released by CDC

A report with frightening consequences for American drinking water that the Trump administration tried to suppress was finally released by the Center for Disease Control and Prevention (CDC) Wednesday, ProPublica reported.

Keep reading... Show less
Sponsored

mail-copy

The best of EcoWatch, right in your inbox. Sign up for our email newsletter!