Financing for fossil
fuel exploration continued at significant levels, in spite of the fact that this lending supports the expansion of projects that threaten the climate.
As Lofoten Declaration signatory Secretary General Martel of the Pacific Island Development Forum importantly notes, «the only reason why fossil
fuel exploration continues is because of powerful people with vested interests and the political influence that they wield.
Not exact matches
Implementation of this policy commitment would also render unnecessary
continued substantial expenditure on fossil
fuel exploration, because any new discoveries could not lead to increased aggregate production.
While the majority of Americans want stronger U.S. action on climate change, policies at the state and federal level
continue to underwrite the ongoing
exploration and production of fossil
fuels.
The bottom line is, safety has been and will
continue to be my administration's top priority when it comes to oil and gas
exploration off America's precious coasts — even as we push our economy and the world to ultimately transition off of fossil
fuels.
Offshore oil and gas
exploration have devastating impacts on the local environment and climate, and the
continued extraction and consumption of fossil
fuels is incompatible with the Paris agreement and limiting global warming below 1.5 °C.
We call on these governments and companies to recognize that
continued fossil
fuel exploration and production without a managed decline and a just transition is irreconcilable with meaningful climate action.
While overall financing of fossil
fuel projects at the World Bank has gone down in recent years, support for projects that include
exploration for fossil
fuels has
continued to rise.
As long as you have capitalism you will have political statements opposed to CO2 emissions and promising to do something about it, but political outcomes that achieve nothing and commercial practices that
continue exploration for fossil
fuels and exploit whatever fossil
fuel resources they can get their hands on.
The World Bank Group
continues to invest in
exploration for new fossil
fuel reserves despite clear signs that we already have far more fossil
fuels than we can afford to burn, and over the last five years, the World Bank Group's total fossil
fuel finance has trended upwards, with finance into the billions of dollars nearly every year.