Uganda’s Environment Governance Institute has joined other 20 civil society organization from around the world to call upon governments from Europe and the UK to a show a higher level of ambition in addressing climate change crisis.
This week, On 14 April 2021, six European governments and the UK launched the Export Finance for Future (E3F) coalition harness public export finance as a key driver in the fight against climate change.
The E3F coalition aims at gathering quickly the largest number of new member countries so as to gain a critical mass, both to accelerate the progressive phasing out of carbon-intensive projects and significantly increase the financial support to exporters’ projects compatible with Paris Climate Agreement.
The seven thereafter issued a ‘statement of principles’ detailing their action plans meeting the Paris Agreement goals, supporting the ongoing transformation of export economies, supporting third countries’ economies in financing and implementing the transition to climate neutrality pathways and promoting consistent international standards and pursuing ambitious multilateral action.
However, this is not good enough, and civil society organizations are demanding that leaders of the seven countries that signed the Export Finance for Future show a higher level of ambition.
They claim that the principles committed to by this coalition fail to adequately address export finance for fossil fuels and, as such, fail to address the urgency of the climate crisis.
“Rather than adding new commitments, the E3F principles are simply a reiteration of what most signatories are already doing: not supporting the coal sector, increasing support for ‘green products’, and being more transparent about their support for oil and gas.
“For this coalition to make a real difference, it needs to take decisive action to end all export finance for fossil fuels, following at least the level of ambition shown by the UK, which put an end to virtually all new export finance for fossil fuels last month.
“The proof of the pudding is in the eating Climate science shows that the world needs a rapid transition from fossil fuels, the single largest source of greenhouse gas emissions, to renewable energy in order to limit global warming to 1.5°C.
“Even if coal use were phased out overnight, the emissions from oil and gas in existing fields alone would push average global temperature rise beyond 1.5°C.
“According to the UNEP Production Gap report, this decade global coal, oil and gas production would have to decline annually by 11%, 4% and 3% respectively to be consistent with a 1.5°C pathway. This means world leaders must stop expanding fossil fuel infrastructure now, not in five or ten years from now.
“The E3F principles do not indicate when the coalition will stop funding fossils. The science is clear: there is no time left for a ‘progressive phase out’ of support for the oil and gas sector. An immediate halt on public money, including export finance, for new fossil fuel projects and associated infrastructure is required to align all finance with 1.5°C.
“Earlier this year 226 scientists, financial institutions and civil society organisations wrote a letter to European Commission President von der Leyen stating that fossil gas should not be included in the EU taxonomy. E3F must be careful in using this taxonomy for assessing ‘green products’. Fossil gas is not a transition fuel,” the CSOs said in a joint statement.
The statement was issued jointly by ActionAid Netherlands, Both ENDS, Netherlands, Milieudefensie, Netherlands, ActionAid Denmark, Sustainable Energy Denmark, Swedwatch, Sweden, Friends of the Earth France, Reseau Action Climat France, Urgewald, Germany, Re:Common, Italy, Friends of the Earth Europe, Friends of the Earth, USA and Above Ground, Canada.
Others are Jubilee Australia, Australia, Solutions For Our Climate, South-Korea, FARN, Argentina, Environment Governance Institute, Uganda, AbibiNsroma Foundation, Ghana, Les Amis de la Terre Togo, Oil Change International and Big Shift Global, International.
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