Campaigners around the world take action to urge leaders to deliver on their pledge to fully shift international public finance from fossil fuels to clean energy ahead of the COP27 deadline.
At the UN COP26 climate conference, signatories of the Glasgow Statement agreed to international public finance for fossil fuels. This briefing, which will be updated regularly as new policies come out and new signatories join the commitment, tracks implementation efforts and assesses whether countries are on track to keep their promise.
This increases the number of signatories to 30 and the annual average of potential public finance shifted out of fossil fuels and into clean energy to at least USD 23.6 billion per year. This equals 37% of annual public finance for fossil fuels provided by G20 countries and the Multilateral Development Banks (MDBs) between 2018 and 2020.
In response to the launch of a new Export Finance for the Future coalition (E3F), 21 CSOs from 14 countries released a statement criticizing the lack of ambition from the coalition.