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Italy breaks climate promise to end public financing for international fossil fuel projects, publishing ‘worst-in-class’ climate policy

Italy publishes policy that continues investments in new fossil fuel projects, breaking commitment made at 2021 UN COP26 climate summit.
Policy denies climate science and fossil fuel phase-out trajectories presented by the IPCC on the same day
Civil society calls for Italy to be kicked out of international agreement on fossil fuel finance phase-out (the Glasgow Statement)
Dangerous policy for Italy’s SACE export credit agency is by far the worst among group of countries that pledged action at COP26, campaigners say
Action confirms

Today, the IPCC released its last report under the Sixth Assessment Cycle after approval by government delegates in Interlaken. The Synthesis Report covers the major findings from the last three Assessment reports and the Special Reports, and provides a comprehensive scientific framework for understanding the climate crisis and solutions to it. In response, Romain Ioualalen, Global Policy Campaign Manager, Oil Change International, said:

"The IPCC's Synthesis Report once more raises the alarms to code red: we need urgent action on the climate crisis. With nearly 3.6 billion people worldwide highly climate vulnerable, there is no alternative to a rapid fossil fuel


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.

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 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.