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European banks have poured US$1.3 trillion into fossil fuels since the Paris Agreement was adopted, carrying on financing the expansion of fossil fuels, despite their own net zero pledges.

• Investors and banks still holding onto Wintershall Dea, despite its continuous operations in Russia and no plans to transform its obsolete 100% fossil business model

• Ukrainian and German NGOs publish research on the financing of Wintershall Dea’s oil and gas business

• Financial institutions called out to cut ties with Wintershall Dea – also in view of potential IPO

• Oil, gas and coal companies are exploring or developing new fossil fuel reserves in 48 African countries
• 89% of new LNG capacity in Africa is planned for export
• International investors hold over US$ 109 billion in companies driving fossil fuel expansion in Africa

Urgewald, Stop EACOP, Oilwatch Africa, Africa Coal Network and 33 further African NGOs offer an exclusive previews of the Special Report “Who is Financing Fossil Fuel Expansion in Africa?” Report under embargo until November 15, 00:01 AM CET.

• 96% of upstream oil and gas companies are still expanding their operations
• GOGEL is the first tool that makes it possible to systematically assess whether companies are in line with the IEA’s Net Zero Emissions scenario
• LNG terminals under development would more than double global LNG export capacity

After the World Bank and the Asian Development Bank, the Asian Infrastructure Investment Bank (AIIB) now also held its annual meeting on October 26th – 27th, 2022.