End support for overseas fossil fuel projects
End UK and international support for fossil fuels overseas.
Governments in the Global North and multilateral institutions should immediately cease all public support for fossil fuels globally (including the use of overseas aid budgets and export credits) and invest in renewable energy, especially where this gives energy access for the poorest.
In 2020 the UK Government announced that it would stop funding fossil fuel projects overseas.118 But there were loopholes in this plan for projects already in the pipeline. For instance, Friends of the Earth England, Wales and Northern Ireland has been challenging UK funding for a massive gas development in Mozambique.119
The next step would be for the UK Government to use its banking regulation powers to require UK‑based banks and financial institutions to phase out their investments in overseas fossil fuels.
For further information:
- An Economy of Life: How transforming the economy can tackle inequalities, bring climate justice and build a sustainable future, Christian Aid 2019, https://www.christianaid.org.uk/sites/default/ files/2022-08/an-economy-of-life-world-bank-imf-briefing-oct2019.pdf, Pp.3-5
- Building back with justice – dismantling inequalities after Covid-19, Christian Aid, 2020, buildingback- justice-covid19-report-jul2020_0.pdf (christianaid.org.uk) p.57
Christian Aid welcomes end to UK funding of overseas fossil fuels, 2020, https://mediacentre.christianaid.org.uk/christian-aid-welcomesend- to-uk-funding-of-overseas-fossil-fuels/
Friends of the Earth to appeal latest court ruling on UK financing for Mozambique gas project, FoE, 2023, https://friendsoftheearth.uk/ climate/friends-earth-appeal-latest-court-ruling-uk-financing-mozambique-gas-project