30/04/2026
Despite global climate pledges, the latest data from shows that development banks are still funding oil and gas.
While our analysis shows that the share of fossil fuel investment dropped from 10% to 7% over the last two years, fossil fuel companies continue to benefit from development bank-backed oil and gas projects. We believe that any percentage above ZERO is a failure. Fossil fuel companies don’t need public money, communities do.
As governments and climate leaders gathered in Santa Marta, this month for the First Conference on Transitioning Away from Fossil Fuels, a critical shift in the narrative took place. Governments explicitly linked their dependence on fossil fuels to extreme price shocks, fiscal pressure, and geopolitical risk.
In this context, transitioning away from fossil fuels serves a dual purpose: meeting climate commitments while simultaneously building an energy infrastructure that is more reliable, affordable, and resilient. We have the momentum to demand a total phase-out of fossil fuel investment and redirect that funding toward community-led solutions.
Read our full analysis:
by Alessandro Ramazzotti