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.

The Norwegian Government just postponed one of the country’s two oil and gas licensing rounds for the next three years. The decision was part of Norway's minority government's budget deal with the opposition Socialist Left Party (SV).

Despite important progress on establishing a loss and damage fund, COP27 failed to acknowledge the need for a rapid and equitable phase-out of oil, gas, and coal.

Today, the Beyond Oil and Gas Alliance, a diplomatic initiative of countries and subnational actors that have committed to phasing out oil and gas production in line with the objectives of the Paris Agreement, announced new supporters and an initial USD 10 million funding facility to help countries plan for a just transition.

The new briefing, titled ”Investing in Disaster”,  exposes the countries and companies that have approved the most new oil and gas extraction in 2022, and that could be responsible for major expansion through 2025.