Such public funding, according to more than 175 civil society groups, is 'helping prop up fossil fuel projects and infrastructure which would otherwise be too risky for the private sector to finance alone.'
oil and gas exports by helping fossil fuel companies secure long-term contracts with overseas clients, potentially locking in more planet-warming emissions for decades to come.from Friends of the Earth and Oil Change International, the U.S Export-Import Bank—a major ECA—provided $51.6 billion in funding for oil and gas projects between 2010 and 2021, and there's little indication that the Biden administration is moving to halt such financing in line with the Glasgow commitment.
Brighton Aryampa of Youth for Green Communities Uganda added that "governments all over the world should and must stop funding fossil fuels at home and abroad." With OECD members set to convene next week in Paris to discuss climate finance and emissions targets, the civil society coalition implored negotiators to take concrete steps toward cutting off public oil and gas financing that flows through"Continued government support for long-term fossil energy development is as reprehensible as short-term fossil energy company windfall profits on the back of energy poverty," Sandrine Dixson-Declève, co-president of the Club of Rome, said...
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