Stop funding fossils at the 'One Planet Summit' in Paris
Yesterday, the French President Macron, the President of the World Bank Group, Jim Yong Kim, and the Secretary-General of the United Nations, António Guterres, met with international leaders and committed citizens from around the world in Paris. According to the organisers, the aim of this gathering was to 'address the ecological emergency for our planet' as 'two years to the day after the historic Paris Agreement, it is time for concrete action.'
These are hopeful and inspiring words, but what do they really mean if on the other hand we keep providing enormous amounts of financial support to the fossil fuel sector? Despite the climate agreements that were made two years ago in Paris, and despite the fixed goals that were set internationally, financial and economic factors still seem to outweigh social, environmental and climatic factors on every level.
Push for renewables
Phasing out public support for the fossil fuel sector might be one of the strongest incentives to push renewable energy and to reach the Paris climate goal of keeping temperature rises under 1,5 degrees Celcius. Both ENDS is one of almost 200 groups and organisations which have signed an open letter, calling upon the leaders of the multilateral development banks and G20 nations that gather in Paris to stop funding fossils fuels. Also, a publication was launched showing 12 examples of fossil projects supported by these financial institutions, and the impact they have: 'Dirty dozen: how public finance drives the climate crisis through oil, gas and coal expansion.'
A step in the right direction
Although a lot of work remains to be done, some very significant steps were made at the Summit. The largest breakthrough came from the World Bank Group, which announced that it would stop financing oil, gas exploration and extraction projects from 2019. French giant insurer and the third biggest insurer in the world AXA, will divest €2,4 billion from coal and €700 million from tar sands because of climate and human rights impacts. And last but not least, the EIB decided to postpone the loan of €1.5 billion it had planned to provide to the Trans-Adriatic Pipeline (TAP). We are very pleased to see that these large financial institutions seem to finally take serious climate measures and start to move in the right direction. We urge other financial institutions such as the Dutch FMO and Atradius DSB to follow these good examples!
See also Both ENDS' background information about 'Paris Proof Export Support' and the CAN/ODI publication 'Phase-out 2020: Monitoring Europe’s fossil fuel subsidies'
Read more about this subject
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Dossier /Paris Proof Export Support
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Dossier /Export Credit Agencies: Who pays the price?
Both ENDS calls on the government only to provide export credit insurance to sustainable projects that cause no social and/or environmental damage in the countries where they take place.
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Dossier /Rights for People, Rules for Corporations – Stop ISDS!
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Blog / 25 November 2025COP30 shows why dismantling ISDS is essential for real climate action
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Dossier /Trade agreements
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News / 5 November 2025Another ISDS claim hits the Netherlands: Petrogas sues over solidarity contribution and royalty regulations
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News / 9 October 2025Both ENDS launches new strategy: “Connecting people for an environmentally just world”
With great pride, Both ENDS launches today it’s new strategy for the coming 5 years: “Connecting people for an environmentally just world”. This strategy was developed in close collaboration with our partner network, which has always been, and still is, the foundation of our work. Together, we strive for an environmentally just world in which people and ecosystems thrive and all people can live a life of dignity.
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Publication / 9 October 2025
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Dossier /International trade and investment with respect for people and planet
The network of international trade and investment treaties is large and complex. The Netherlands alone has signed more than 70 bilateral investment treaties (BITs) and is party to the trade and investment agreements concluded by the EU, like the EU-Mercosur and EU-Indonesia trade deals.
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Publication / 2 October 2025
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Dossier /Towards a socially and environmentally just energy transition
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Publication / 1 July 2025
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Publication / 1 July 2025
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News / 6 June 2025Both ENDS at the UN Ocean Conference: voicing our environmental justice concerns about the “Blue Economy”
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News / 20 May 2025Both ENDS and partners demand Shell to clean up the Niger Delta before divesting
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Letter / 15 April 2025
African civil society urges Oman against EACOP support as east Africa trade expo kicks off
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News / 25 March 2025Urgent call to Shell: Don’t leave the Niger Delta without cleaning up decades of pollution
Last week, Shell reported that it officially completed the sale of its on-shore oil assets in the Niger Delta, leaving behind a vast oil pollution caused by 70 years of oil extraction in the region.
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Letter / 25 March 2025
Letter to Shell's CEO and plc Executive Committee: don’t leave the Niger Delta without cleaning up
Today, on Shell Capital Markets Day 2025, Both ENDS together with 195 international and Nigerian of civil society organisations is sending an open letter to Shell’s Executive Committee demanding a full cleanup of the SPDC pollution legacy and transparency on the cleanup process.
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News / 21 February 2025Cabinet turns its back on international cooperation and solidarity with callous policy letter
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