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Export credit agencies and states potentially at risk of climate litigation over finance for fossil fuels

Oil Change International Press Release Laurie van der Burg, laurie [at] priceofoil [dot] org Export credit agencies and states potentially at risk of climate litigation over finance for fossil fuels BRUSSELS – Export credit agencies (ECAs) – and the governments that oversee them – could be in violation of their international legal obligations if they do not take action to reduce their financing of fossil fuel-related activities imminently. That is the main conclusion of a new legal opinion published today, two days before ministers gather at the Petersberg Climate Dialogue. The opinion, which was commissioned by Oil Change International, for the first time lays out the international law obligations of ECAs that are responsible for tens of billions of dollars per year in support for fossil fuels. 

Is this even legal? Governments propping up fossil fuel production with public money

Oil Change International Is this even legal? Governments propping up fossil fuel production with public money. May 4, 2021By LaurieBlog Post, Featured, News, Stop Funding Fossils Despite the need to rapidly wind-down fossil fuels to avert the worst of the climate crisis, governments worldwide continue to prop up fossil fuel production with huge sums of public money. The biggest form of public support is provided through Export Credit Agencies (ECAs), which exist to support domestic industries in doing business overseas. ECAs are little known to the public and yet they provide almost fourteen times more finance for fossil fuels (USD 40 billion) compared to clean energy (USD 2.9 billion) every year. 

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