Global public support for coal is decreasing. Obama has pledged to stop American support for public financing of new coal plants outside the U.S., the World Bank has announced to phase out support for coal projects and some large private banks are withdrawing from fossil fuels. But what about export credit agencies (ECAs)? Until now, ECAs have not withdrawn from coal projects. On the contrary: while other investors gradually cease their support to coal projects, export credit agencies are investing in coal more than ever. On June 11, an alliance of 50 NGOs, including Both ENDS, published a recommendation to the OECD calling for an end to export credit support for coal.
After nearly two years of discussions, the Organisation of Economic Cooperation and Development (OECD) member countries have reached an agreement on reducing their support to some coal plants through their export credit agencies (ECAs). The agreement comes a day after the G20 has reiterated its willingness to reduce inefficient fossil fuel subsidies and only 12 days before the start of COP21, the climate change conference. The agreement, which takes effect in 2017, still allows the most efficient “ultra-supercritical” plants, and less efficient plants in the very poorest countries.
Climate action is urgently needed to slow down global warming. The effects of climate change are already showing themselves. Floods in Pakistan and closer to us, in the Netherlands, are causing loss of life and much emotional and economic damage, while local climate solutions are still largely being ignored. That's why Both ENDS is going to participate in COP27, the climate conference in Sharm El Sheikh, Egypt.
On October 13th 2022, FMO published the final version of its Position Statement on Impact and ESG for Financial Intermediaries (FI statement). As civil society groups which have engaged with FMO on this topic for more than four years, we are extremely disappointed with the result. In the statement, FMO does not show sufficient commitment to ensuring its investments into financial intermediaries – which represent the bank's largest investment sector* – do not violate human rights or contribute to environmental harms.
To realise the energy transition, large quantities of minerals and metals such as lithium, cobalt and rare earth metals are needed. These raw materials are mainly extracted in countries in the global South, and unfortunately this is almost always accompanied by human rights violations and environmental destruction. Today – also in light of EU Raw Materials Week that is happening this week – Argentinian organisation FARN and Both ENDS publish a joint report on the extraction of lithium in Argentina.
The European Parliament in its plenary session on the 5th of April, adopted a proposal to regulate Export Credit Agencies (ECAs) that will force them to become more transparent on where their funds come from, and go to, as well as how they count social and environmental risks. Furthermore, the Parliament requires ECAs to comply with EU human rights objectives in their activities, and to phase out the subsidising of fossil fuel projects in line with commitments adopted by the G20 in 2009.
After a busy week filled with side-events, meetings, negotiations and covid, our colleagues Daan and Niels are back in the office in Utrecht. Together, they look back to their expereiences and results during the climate conference COP27 in Egypt.
By 2020, all EU countries must blend 10% of their transport fuels with renewable energy. In practice, these are mostly biofuels. Minister of State Joop Atsma is now trying to reach this percentage by 2016, even though a lot of studies show that biofuels made out of agricultural crops decrease food provision and cause deforestation. Four civil society organisations, including Both ENDS, are asking the Dutch Parliament to try and halt the Minister of State.