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Elizabeth Bast is the executive director of the advocacy group Oil Change International.

As world leaders gather in Baku to negotiate global climate finance, a last-chance opportunity for the Biden administration to cement a global win on climate is emerging.

This week, OECD governments are in Paris negotiating an agreement that could put an end to $41 billion in annual oil and gas export finance – and crucially, this deal would be immune to political reversals, even under the future Trump administration. 

This would be an essential stepping stone towards helping unblock wider discussions on the trillions in grant-based climate finance rich countries owe to the Global South. 

The proposed OECD agreement would be particularly powerful because of its binding nature. It could only be undone if all negotiating countries agreed to reverse course – making it effectively “Trump-proof”. 

Make-or-break moment

For Biden, as outgoing President, this represents a final opportunity to fulfill his 2021 executive order promising to end international fossil fuel finance. The majority of OECD countries, including the EU, UK, Canada, Norway, New Zealand, and Australia, have already been championing a proposal to end oil and gas export finance and are ready to reach an agreement. 

Biden’s actions this week will make-or-break this progress.

High-level EU officials have already reached out to the Administration asking that they make the final call to agree so that this proposal can cross the finish line. However, the power of the Biden administration is now critically needed to get key laggards, including South Korea and Turkey, over the line.

We’ve seen the power of US multilateral leadership on export finance work before. In 2015, the Obama administration successfully championed a policy at the OECD to end coal-fired power financing – a commitment the first Trump administration couldn’t undo. 

Now, Biden has the chance to replicate this success with oil and gas, creating another permanent safeguard for climate progress.

Push to get public money out of fossil fuels

This potential agreement builds on an encouraging shift in international energy finance.

The Clean Energy Transition Partnership (CETP), launched at COP26 in Glasgow, has already demonstrated remarkable success. Its 41 signatories, including major fossil fuel financiers like Canada, Germany, and Norway, committed to ending their international public finance for fossil fuels. And most signatories have followed through, helping reduce international fossil fuel finance by up to two-thirds – approximately $15 billion annually.

Though these sums might seem small, this shift has an outsized impact. Government financial institutions shape energy markets by signaling government priorities.

Public-backed finance, often provided at below-market rates, decreases financial risks for private sector investors and makes projects much more likely to go forward. Indeed, 82% of the LNG buildout in the last decade had public backing from G20 government’s export credit agencies (ECAs).

Indonesian company Pertamina operates an oil refinery that received support from the US export credit agency last year. Photo: Paulus Daniel

The timing is critical: this is the Biden administration’s last chance to keep its international commitments to end international public finance for fossil fuels.

The International Energy Agency’s Net Zero roadmap shows that global electricity systems must be nearly fossil-fuel-free by 2040 to maintain a 50% chance of limiting warming to 1.5°C. No new investments in upstream gas projects or LNG infrastructure can be justified under this scenario.

Step towards an ambitious COP29 deal

This OECD agreement would also help solidify other wins for the COP29 talks in Baku, where countries must commit to delivering substantial climate finance, including support for a just transition away from fossil fuels.

Rich countries owe trillions in grant-based finance to the Global South for climate action. Developed countries claim that they do not have the money and that large sums of private finance leveraged through small amounts of public finance must cover mitigation finance needs, including for an energy transition.

But this makes Global South countries pay for a crisis they did not cause. The track record of this approach shows it fails to leverage the needed sums, deepens unsustainable debts and does not reach the countries and sectors that are most in need, such as public transit and transition support for fossil fuel-dependent workers and communities. This underscores grant-based finance is needed not just for loss and damage and adaptation, but also for a just energy transition.

Why the international community should back Colombia’s post-fossil fuel plan

The world has plenty of money to pay for the climate action that is urgently needed for a livable planet. Just the 10 richest individuals have a combined wealth of over $1 trillion dollars.

Analysis by Oil Change International (OCI) shows that by ending fossil fuel handouts – including through reaching a deal at the OECD – making polluters pay and changing unfair global finance rules, countries can mobilize well over $5 trillion for climate action at home and abroad, as well as other public policies. 

The opportunities to build a world with cleaner air, good quality jobs, comfortable housing, affordable energy bills and empowered communities are up for grabs.

According to the IPCC a fossil fuel phase-out is technically feasible and relatively low in cost. Solar and wind energy are already more affordable than fossil fuel alternatives in most parts of the world. They do not introduce further volatility through increased climate damages or fiscal instability and create a more secure energy system in a volatile age where fossil fuels are often controlled by dictators and autocrats. 

The next days bring critical opportunities. Right now in  Paris, Biden must support an OECD oil and gas export finance ban. In Baku, countries must adopt an ambitious new climate finance target. It’s time for governments to stop defending fossil fuel interests and fulfill their duty to protect people and the planet.

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COP17 delivers fragile deal to boost conservation and funding for nature

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Governments at the COP17 nature summit in Armenia agreed on Saturday to scale up their policies to protect the planet’s shrinking biodiversity, and for the first time invited large emerging economies like China and Gulf states to take on donor responsibilities to help fund those efforts.

For the past two weeks, countries held talks in Yerevan under the UN Convention on Biological Diversity to outline a plan to ramp up currently “insufficient” policies to conserve land and marine ecosystems. A recent UN progress report found the world is off track to meet 22 out of 23 global targets aimed at reversing species loss and protecting 30% of land and seas by 2030.

While a response plan, called the “Global Review of Collective Progress”, was expected to be the main outcome of COP17, negotiations struggled to advance amid a deadlock over the controversial subject of how to finance the boost in conservation measures needed.

After an all-night session on Friday, delegates agreed to invite developing countries to voluntarily signal their interest in assuming donor funding obligations alongside developed nations. Negotiators repeatedly warned that any stronger provisions on expanding the donor base would collapse the deal.

COP president: Results beat expectations

An exhausted COP17 president Hambardzum Matevosyan, Armenia’s environment minister, told journalists in the early hours of Saturday that “we’ve achieved more than we could’ve expected” given the “importance” of the decisions being taken.

“It was 100% possible that those items did not made it through. 100% possible,” he said, adding that the conference had made progress on “all the most important items”.

Speaking at the closing plenary, the group of Pacific Islands said that, while the summit had achieved “great outcomes”, delegates are also departing Yerevan “with realities not reflected in the official text”, such as the low replenishment of the Global Environment Facility (GEF), a key funder of nature projects.

    Some observers also said the deal did not go far enough. Steven Guilbeault, a former Canadian environment minister who helped broker the Global Biodiversity Framework (GBF), said the Yerevan package of action is “an important step forward”, but still “falls short of what is needed to meet our 2030 commitments”.

    An Lambrechts, biodiversity politics expert at Greenpeace International, said COP17 had kept things moving forward and set well-intentioned promises, but added that these “won’t remove major roadblocks to implementation” such as insufficient finance and debt constraints in developing countries.

    WWF chief conservation officer Daudi Sumba noted that financial issues were not fully resolved. Despite the deal in Yerevan, “I fear finance will remain the key issue that continues to haunt the UN biodiversity summits,” he said in a statement.

    ‘Yerevan Pathway’ tackles nature plans and subsidies

    In the lead-up to the summit, the UN assessment report showed countries are falling short on virtually all targets in the GBF, the 2022 global deal often referred to as the ‘Paris Agreement for nature’.

    They include a landmark target to protect at least 30% of the planet’s land and sea by 2030. If countries all stick to their current national goals, about 26% of land would be protected and only about 12% of marine ecosystems would be under conservation measures.

    The main COP17 decision – named the Yerevan Pathway by the presidency – calls for countries to revise their biodiversity plans, subject to available funding, with a particular focus on addressing the gap in coverage of “marine, coastal and inland water ecosystems”.

    It also urges the over 60 countries who have not submitted a biodiversity plan yet to finalise them “as soon as possible” and taking into account the gaps identified by the UN progress report.

    Countries also agreed to tackle the drivers of biodiversity loss by “accelerating” the reduction of subsidies for activities that damage nature. Subsidy reform, covered by Target 18 of the GBF, is where countries have made the least progress so far, according to the assessment report.

    Jill Hepp, director of nature and marine policy and incentives at green group Conservation International, said singling out subsidies in the Yerevan Pathway “gives a strong signal” that closing the gap for biodiversity action requires “more urgent efforts to reform harmful incentives and scale up positive incentives”.

    Delegates huddle for a last-minute negotiation at the COP17 closing plenary in Yerevan, Armenia, on October 31, 2026. (Photo: IISD/ENB – Mike Muzurakis)

    Delegates huddle for a last-minute negotiation at the COP17 closing plenary in Yerevan, Armenia, on October 31, 2026. (Photo: IISD/ENB – Mike Muzurakis)

    “Timid” steps to expand base of donors

    Having failed to meet a target to channel $20 billion for biodiversity conservation by 2025 and faced with shrinking aid budgets, the EU pushed a proposal to expand the list of which countries count as donors, so that wealthy emerging economies like China and Saudi Arabia could also voluntarily contribute. The group of Arab nations strongly opposed this.

    During the talks, Irish minister of state for nature, Christopher O’Sullivan, whose country holds the EU presidency, said the bloc wanted the world’s “new realities” to be reflected in the donor list.

    Negotiations remained gridlocked for most of the two-week talks, until a last-day compromise was struck to invite developing countries that may want donor status “to indicate to the [Convention on Biological Diversity] secretariat their interest in being included in the corresponding list”.

    Countries also asked the secretariat to send an invitation to emerging economies wanting donor status at each subsequent COP, and requested a technical report on “the implications of inclusion in the list” for emerging economies.

    Swiss lead negotiator Gabriela Blatter said during one of the sessions that her country had expected greater steps towards expanding the base of contributing countries, but added that “if we’re mutually unhappy, it’s probably the closest we can get on these very delicate political compromises”. Saudi Arabia, on the other hand, also noted their dissatisfaction but said it had expected “a lot less”.

    The fragile deal was approved in a package of decisions together with the Global Review, after some delegations including Brazil and China appealed to the plenary not to make further changes to the text at the risk of collapsing the whole agreement.

    In a statement delivered to the closing plenary, the EU said the finance outcome had delivered “timid” progress towards fully broadening the base of donors.

    An EU negotiator speaks at the COP17 closing plenary in Yerevan, Armenia on October 31, 2026. (Photo: UN Biodiversity)

    An EU negotiator speaks at the COP17 closing plenary in Yerevan, Armenia on October 31, 2026. (Photo: UN Biodiversity)

    Cali Fund still not operational

    Adopted two years ago at COP16, the Cali Fund was seen by some observers as a way to channel private-sector finance into biodiversity conservation, as governments struggle to find public funds. But it is still struggling to get up on its feet.

    The fund allows big corporations to access certificates for the use of genetic material found in biodiversity in return for a financial contribution, which experts estimate has the potential to raise up to $6.9bn for biodiversity. While voluntary, companies are encouraged to pay 1% of their profits or 0.1% of revenue into the fund.

    But since its creation, the fund has received little more than $10,000, which Guilbeault argued is because the rules for disbursements to local communities and the operation of the fund had yet to be fleshed out. This was due to happen at COP17.

    Yet, while the final decision on the fund laid out some of the rules – including how companies can earn “Cali Fund certificates” – some key technical details were left to the next COP in 2028 in Ecuador. This includes the issue of whether companies can pay a lower rate if they use genetic data for only a small portion of their products.

    “By punting essential decisions to two years from now, parties have all but ensured the fund remains empty until then,” said Pakhi Das, a public policy advisor at NGO Plant-for-the-Planet.

    The post COP17 delivers fragile deal to boost conservation and funding for nature appeared first on Climate Home News.

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    AI data centre ban in suburbs would not address fundamental issues: Greenpeace

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    SYDNEY, Thursday 30 October 2026 — In response to
    reports that the Albanese government is set to introduce draft legislation this year that would seek to ban data centres in Australia’s suburbs, Joe Rafalowicz, Head of Climate and Energy at Greenpeace Australia Pacific, said:

    “These reports are a testament to the growing community opposition to these completely inappropriate AI factories that have sprung up across our suburbs, and Big Tech corporations should take heed — the data centre build-out must not happen without the endorsement of the Australian people.

    “But the government can’t simply ship this problem out to regional Australia without addressing the fundamental issues with this extractive new industry.

    “We’re already seeing a trend of AI data centre proposals moving to the regions, in areas that are more water-scarce, more environmentally sensitive, and next to sources of fracked and coal seam gas to support their massive BYO gas-fired power plans — a pattern we’ve seen play out in the United States.

    “From the Beetaloo Basin in the NT to the Western Downs in Qld, we’re seeing a wave of AI data centre proposals that would see new gas fast-tracked to support their massive energy demand, and threaten to completely derail Australia’s energy transition.

    “Just as suburban Australians are asking, “what for?”, regional communities like Berry Springs and Dalby do not want dirty data centres setting up shop with absolutely no benefit to their communities. Greenpeace is calling for a moratorium on AI data centre developments until strict and enforceable safeguards are in place to protect our climate and our communities.”

    -ENDS-

    Media contact

    Kate O’Callaghan on +61 406 231 892 or kate.ocallaghan@greenpeace.org

    AI data centre ban in suburbs would not address fundamental issues: Greenpeace

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    Editor’s Desk: COP reform is happening quietly, behind the headlines

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    In the thick of the COP29 climate summit in Azerbaijan in 2024, the UN climate talks were rattled by what can only be described as a major PR disaster. The BBC, Reuters and The Guardian all carried headlines, attributed to leading climate policy experts, that the COPs were “no longer fit for purpose”. 

    The articles outlined a series of reforms called for in an open letter signed by 22 eminent scientists and politicians, including a former UN secretary-general and previous UN climate chief, with a further 150 lending their support. The headlines shook confidence in the COP process, just as governments were wrestling over a new climate finance goal.

    The Club of Rome – which handled the media relations for the letter – hurried to say that its “constructive, supportive ideas” had been “misinterpreted”. Negotiators kept calm(ish) and carried on, in the end landing the finance goal after some high-stakes drama on the final day.

      To my surprise, when I went back this week to read the letter again, I could not find the offending line about the COPs not being fit for purpose. The Club of Rome has yet to respond to my query about its disappearance.

      Whatever happened to the wording, that sentiment has been widely shared. COPs have ballooned in size while the importance of their outcomes seems to have diminished since the 2015 Paris Agreement (with the exception of the 2023 COP in Dubai where countries agreed to transition away from fossil fuels in energy systems).

      The same on the surface

      Two years on from those painful headlines in Baku, has anything changed for the better? You might be forgiven for thinking not. Official decisions are still made by consensus rather than the majority voting some have called for to stop blockers.

      Tens of thousands of officials, activists and business execs still scurry around the halls to an ever-growing list of side events, roundtables and dialogues, while deals still come down to rows, all-nighters and jargon-filled texts adopted to rounds of applause.

      But it would not be true to say that COPs have completely failed to respond to the very real need to translate the words of the Paris Agreement into action in the outside world.

      Global warming is projected to be around 1.3C lower this century than it would have been if the world had not committed to tackle the climate crisis under that accord. Developing countries have a valued space at COPs in which their voices have equal weight in decision-making, unlike in many other international fora. And most importantly, perhaps, there has been a subtle shift, tipping the balance away from negotiating towards doing.

      Brazil branded last year’s summit in Belém as the “COP of Implementation”, corralling the sprawling Action Agenda into six axes. This was a bid to impose some structure on the mushrooming efforts between governments, UN agencies, cities, businesses and civil society to set targets and spur faster results on their pet issues, from methane emissions to health and adaptation in conflict zones. COP30 alone saw the launch of 120 “plans to accelerate solutions”.

      COP30 roadmaps off the cuff

      Meanwhile, as the formal negotiations drew to a close, it was clear that consensus decision-making was evolving into something a little more improvised.

      With only around half of all countries on board with the idea of a roadmap to transition away from fossil fuels, COP30 President André Corrêa do Lago announced his team would put one together over the coming year, along with another on how to meet a global goal to halt deforestation by 2030. Those roadmaps will be launched next week, presented and discussed at COP31, though it’s still unclear whether or how they’ll be incorporated into the formal negotiating agenda.

      Saudi Arabia raises a point of order during the closing plenary at COP30 in Belem, Brazil on November 22, 2025 (Photo: IISD/ENB | Mike Muzurakis)

      Saudi Arabia raises a point of order during the closing plenary at COP30 in Belem, Brazil on November 22, 2025 (Photo: IISD/ENB | Mike Muzurakis)

      Some leading policy-makers don’t think that matters too much. Speaking to journalists before the Antalya summit, COP30 CEO Ana Toni and Dutch climate minister Stientje van Veldhoven said “coalitions of the willing” can move ahead without needing consensus from the COPs. This, they said, was evident th