The new briefing provides preliminary energy finance data for 2022 and shows that not only investments in new fossil fuel infrastructure are incompatible with meeting climate goals, but also that they are not needed for energy security and development goals.
Resources
Briefing: Japan’s Toxic Energy Strategy for Asia
This briefing explains how Japan’s “Green Transformation (GX)” policy is a greenwashing exercise designed to benefit corporate interests and prolong the use of fossil fuels when renewable energy solutions are reliable, available, cleaner, and cheaper.Â
Briefing: G20 government finance enabled 82% of LNG export infrastructure expansion, breaking climate promises
This new briefing shows G20 government institutions were involved in financing 82% of new Liquefied Natural Gas (LNG) export terminal capacity built from 2012-2022, providing at least USD 78 billion in loans, guarantees, and equity investments for new LNG export terminal capacity projects.
Promise Breakers: Assessing the impact of compliance with the Glasgow Statement commitment to end international public finance for fossil fuels
New research shows stop funding fossils commitment forged at the 2021 UN climate summit is already shifting an estimated USD 5.7 billion per year out of fossil fuels and into clean energy. If all signatories fulfill their commitments, then a further 13.7 billion per year will be shifted out of fossil fuels and into clean energy.
Civil Society Joint Position: Oil and Gas Restrictions under the OECD Arrangement on Officially Supported Export Credits
This joint position launched by 175 civil society organisations from 45 countries calls on world leaders to end OECD export finance for oil and gas, and explains how it can be done.
Italian government considering support for international fossil fuel projects that would emit 3.5 times Italy’s annual emissions, despite major climate promise
New Briefing: Despite pledging to stop international financing for fossil fuel projects by the end of 2022, the Italian Government is continuing to actively consider financing for major international fossil fuel projects that could emit greenhouse gas emissions equivalent to at least 3.5 times Italy’s annual emissions.
Investing in Disaster: Recent and Anticipated Final Investment Decisions for New Oil And Gas Production Beyond the 1.5°C Limit
The briefing reveals that new oil and gas production approved to date in 2022 and at risk of approval over the next three years could cumulatively lock in 70 billion tonnes (Gt) of new carbon pollution. This is equivalent to almost two years’ worth of global carbon emissions from energy at current levels, 17 percent of the world’s remaining 1.5°C carbon budget, or the lifecycle emissions of 468 coal power plants.
Japan’s Dirty Secret: World’s top fossil fuel financier is fueling climate chaos and undermining energy security
This briefing, “Japan’s Dirty Secret: World’s top fossil fuel financier is fueling climate chaos and undermining energy security,” reveals that Japan is the world’s largest public financier of fossil fuel projects, providing 10.6 billion USD per year between 2019 and 2021. Japan has been leading the drive to expand gas consumption in Asia and is the world’s leading financier of gas infrastructure globally, spending USD 6.7 billion on gas projects on average each year between 2019 and 2021.
At a Crossroads: Assessing G20 and MDB international energy finance ahead of stop funding fossils pledge deadline
This report looks at G20 country and MDB traceable international public finance for fossil fuels from 2019-2021 and finds they are still backing at least USD 55 billion per year in oil, gas, and coal projects. This is a 35% drop compared to previous years (2016-2018), but still, almost twice the support provided for clean energy, which averaged only $29 billion per year.
Release the Guidance: Backgrounder on U.S. International Energy Finance ahead of COP27 Deadline
From 2010-2021, the United States’ trade and development finance institutions provided nearly five times as much support to fossil fuels as to renewables — over $51.6 billion for fossils compared to just $10.9 billion for renewables.