Hi John,
Last week, the government finally confirmed that its ban on funding for overseas fossil fuel projects will take effect immediately. This is a huge win for our campaign, thanks to all of you who took action!
Our message was received loud and clear by the civil servants managing the consultation on this policy. In their announcement, the Department for Business, Energy and Industrial Strategy noted that they had received over 42,000 responses from individuals, with 95% arguing for an immediate ban on fossil fuel funding from March 2021 onwards.Â
The great news is that this announcement will immediately be applied to investment decisions made by UK Export Finance (UKEF). It looks, at present, that UKEF therefore won’t be offering support to the gigantic East Africa Crude Oil Pipeline or a major oil project in Brazil.Â
This is a great moment for campaigners and activists to celebrate after years of campaigning, especially after the government also ordered a public inquiry on whether to let the Cumbria coal mine go ahead.
But we can’t take off the pressure just yet, and much more needs to be done ahead of COP26 to support climate justice. Join us and activists from around the world in April to discuss how we keep the momentum going and how to build a powerful, effective and inclusive climate justice movement.
Â
|
|
Loopholes
Unfortunately we didn’t get everything we wanted from the consultation.
The UK’s development bank, CDC Group, who have given over half a billion in aid money to polluting projects since the Paris Agreement was signed, have been allowed to set their own policy.
Whilst this will reduce the amount of funding that goes to fossil fuels, it leaves the door open to funding carbon intensive gas power projects. It is absurd that one part of government could be following a different policy to the rest, and we will be looking at ways to challenge this.Â
Â
Where next?
However, one really positive aspect of the announcement is the government’s assertion that “the UK will work...with other countries, public and private financial institutions” to also switch financial support from fossil fuels to clean energy.
This opens up the possibility for a wide range of governments, private banks and multilateral institutions to also stop financing fossil fuels ahead of COP26 this November.
The Biden administration in the US has already signalled intentions to end support for fossil fuels projects overseas, and just this month we joined over 430 organisations calling on the US to make this change as soon as possible.Â
But fossil fuel finance is not the only issue that needs sorting ahead of COP26. The talks will cover a vast range of topics, from decarbonisation plans to funding for renewable energy and finance for the loss and damage caused by climate chaos.Â
In the coming months, we need to be prepared to win these arguments time and time again. Join us in April to discuss how we put all of our plans for climate justice into action.
|
|
In solidarity,
Daniel Willis
Climate campaigner
Global Justice Now
|
|
Powerful multinational corporations are continuing to fuel and profit from the climate crisis.
By coming together to challenge them, we can make a difference. Â
Regular gifts give us the long-term stability to plan effective campaigns, as well as the flexibility to react to key events.
If you’re not already a member, will you join today?Â
|
|
|
|
