Oil Change International.
March 2023
This report, Promise Breakers: Assessing the impact of compliance with the Glasgow Statement commitment to end international public finance for fossil fuels, reveals that the Glasgow Statement, a joint commitment forged at the 2021 UN climate summit (COP26), is already shifting an estimated USD 5.7 billion per year out of fossil fuels and into clean energy, with the potential of a further 13.7 billion per year if all Glasgow Statement signatories fulfill their commitments.
The report’s key findings include that out of sixteen high-income signatories that provide significant levels of international public finance:
- Eight have adopted policies that broadly meet the promise they made in Glasgow (Canada, the European Investment Bank, the United Kingdom, France, Finland, Sweden, Denmark, and New Zealand), shifting an estimated USD 5.7 billion per year out of fossil fuels and showing that the Glasgow Statement is having a real-world impact;
- Four signatories (Belgium, Switzerland, the Netherlands, and Spain) have new policies that further restrict fossil fuel support but leave major loopholes and/or do not meet the end of 2022 deadline;
- Four signatories (Germany, Italy, Portugal, and the United States) have yet to publish new or updated policies. The United States has reportedly adopted a policy, but is refusing to publish it. Ongoing policy debates in Germany and Italy suggest that these countries are likely to introduce loopholes in any forthcoming policies that allow continued fossil fuel financing;
- Just days after this report was finalized, it appears Canada’s export credit agency, Export Development Canada is already in breach of their policy by approving four international oil and gas transactions totaling at least USD 5.5 million already in 2023.
The report contains a detailed report card on each signatories’ policies, with recommendations for improvement. It highlights key opportunities for signatories to increase their clean energy finance levels, work together to reiterate and strengthen their commitment to end international finance for fossil fuels at the Japan-led G7 in May and negotiate oil and gas export finance restrictions at the OECD.
Why is the US in the wrong all the time? Are idiots in charge, or is it their corruption? Why hasn’t the world’s nations figured out all the United States does is pollute, lie and war?
Time to get CLEAN!!!!!!!
Keep up the good work!
Renewable energy and sustainable products need help and support to develop new technology and strategies. This is much more difficult when our tax “incentive” money is still being freely given to Fossil Fuel corporations who are determined to stop all such efforts.
Fossil fuels and their evil offspring plastics are gradually destroying and disfiguring our Natural World–upon whose health we depend.
No public funds for fossil fuels on public land
As one famous Brit once remarked ‘you call always rely on the Americans to do the right thing … after they’ve exhausted all other possibilities.’