Welcome to the Urgewald media center

• Bank intends to reduce financing for coal, oil & gas
• No more business with majority coal mining companies from 2025 on
• Coal giants like Glencore and RWE could still remain clients

• IEA-IMF's "Sustainable Recovery" plan would help bail out oil & gas companies
• Cost to curb pollution should be covered by oil companies, not tax payers
• Climate finance from World Bank used to benefit oil majors

On the day of RWE‘s annual general meeting, Amundi, the utility’s 7th biggest investor and one of the world’s biggest asset managers, has criticised the company‘s coal phase-out strategy as "at odds" with the 1.5°C Target of the Paris Climate Agreement. This criticism is part of a letter seen by Urgewald and its partner NGO Reclaim Finance that is addressed to RWE’s CEO Rolf Martin Schmitz and his designated successor and CFO Markus Krebber.

• World Bank-funded law firms hired by government also advised oil majors
• Parallels between Bank’s conflict of interest cases in Mozambique and Guyana
• World Bank funding required government to adopt new petroleum laws

• New report updates analysis of G20 public financing for energy projects
• Germany decreased support for fossil fuels, leading in clean energy finance    
• Still, Germany continues to provide a lifeline to fossil fuel projects

• Three US banks issued almost $40 billion in credit since 2015
• HSBC, Barclays and Société Générale Europe’s biggest financiers of oil giant
• Exxon heavily criticized for flaring 2 billion cubic feet of gas in Guyana