fossil fuel financing

During the Bonn climate negotiations, India urged advanced economies to amplify their commitments to emission reductions while significantly increasing climate finance. New Delhi emphasized that for developing countries, securing 'carbon space' is crucial to effectively tackle poverty and promote sustainable progress.

Soaring crude oil prices, averaging $105.4 a barrel, are straining oil companies' finances as they sell fuel below cost. Despite government excise duty cuts, losses are unsustainable. Experts suggest gradual price hikes and innovative strategies to manage the transition to renewables while supporting companies' investments and the macroeconomy.

US President Trump's second term prioritizes oil, leveraging energy dominance for global influence. Campaign funding from oil interests aligns with policies boosting domestic production and easing regulations. Sanctions on rivals and geopolitical events like the Hormuz crisis engineer demand for American exports, impacting nations like India and reshaping global energy markets.

India's nuclear ambitions have reached a pivotal stage with the Prototype Fast Breeder Reactor achieving criticality, marking a significant step in its three-stage nuclear program. This advancement positions India as a leader in advanced nuclear technology, bolstering its drive for energy self-reliance and security amidst a rapidly expanding power sector.

The 13th annual banking on climate chaos report, the most comprehensive global analysis on fossil fuel banking to date, underscores the disparity between public climate commitments made by the world’s largest banks and the reality of their largely business-as-usual financing to the fossil

The world's biggest banks financed fossil fuels to the tune of $705 billion in 2023, with US and Japanese lenders leading the way, an annual report by climate campaigners said Monday. Since the 2015 Paris climate agreement, the top 60 banks have provided a total of $6.9 trillion to the sector, according to the coalition's 15th annual report titled "Banking on Climate Chaos".

Despite a G7 pledge, Japan remains a major public financier of oil and gas projects, investing $93 billion between 2013 and 2024. Through initiatives like AZEC, Japan promotes LNG as a transitional fuel, raising concerns about 'greenwashing' and hindering renewable energy transitions in countries like Indonesia. Critics argue Japan's LNG investments lock nations into fossil fuel dependency.

The 2021 Production Gap Report prepared by leading research institutes and the UN Environment Programme (UNEP), finds that despite increased climate ambitions and net-zero commitments, governments still plan to produce more than double the amount of fossil fuels in 2030 than what would be consistent with limiting global warming to 1.5°C.

India's clean energy subsidies surged 31% in FY24, narrowing the gap with fossil fuels, though state-owned enterprises remain heavily invested in fossil fuels. Despite progress in non-fossil electricity capacity, a significant increase in electricity subsidies and heavy reliance on fossil fuel revenue pose fiscal challenges.

Climate activists from Extinction Rebellion blocked a highway near the former headquarters of ING bank in Amsterdam to protest its financing of fossil fuels. Dozens of protesters were detained by police after ignoring orders to end their blockade. The activists were demonstrating for the safety of their low-lying country, which is threatened by rising sea levels. Despite ING's recent announcement to phase out loans for fossil fuel exploration, the protesters demanded immediate cessation of all fossil fuel financing. This road blockade is part of a series of actions organized by the Dutch branch of Extinction Rebellion.