Published by Oil Change International, Friends of the Earth U.S., Asian People’s Movement on Debt and Development, Friends of the Earth Japan, International Institute for Sustainable Development.
Using data from OCI’s Public Finance for Energy Database, this factsheet illustrates how G7 public finance flows remain severely misaligned with climate goals. G7 public finance for fossil fuels between 2018 and 2020 totaled over USD 100 billion, four times its support for renewable energy.
However, G7 leaders have a critical opportunity this year to shift their finance out of fossil fuels and into energy efficiency and clean energy given all G7 members apart from Japan have signed a COP26 commitment to end international public finance for fossil fuels by the end of 2022 and shift this money to clean energy.
Rather than backsliding on their commitments in response to Russia’s fossil-fueled war in Ukraine, the G6 need to now more than ever follow through on their commitments and prioritize public finance for the energy efficiency and renewable solutions that can accelerate the transition to a more secure, sustainable, and peaceful future. They also have an opportunity to make a tangible difference by getting Japan on board – the world’s second largest provider of public finance for fossil fuels.
This factsheet covers the background of the G7’s international public finance for fossil fuels, clean and other energy, takes a closer look at Japan’s role in propping up the fossil fuel industry, and calls for G7 nations to show true leadership by ending public finance for fossils and instead prioritizing clean energy solutions that can build a safer future.