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.
FOR IMMEDIATE RELEASE November 8, 2022 Contacts: Makiko Arima — firstname.lastname@example.org (AEST) Susanne Wong — email@example.com (CEST) New briefing: Japan is the world’s largest provider of public finance for fossil fuels, spending 10.6 billion USD a year Briefing highlights that Japan’s support for oil, gas and coal is fueling the climate crisis, undermining energy security and harming … Read More
With hundreds of millions of people across the word suffering from the fallout of higher energy prices and a cost of living crisis caused by Russia’s deadly war on Ukraine, this week’s G7 summit was the perfect opportunity for the world’s most powerful politicians to show clear compelling leadership.
G7 leaders watered down a commitment made in May by their energy ministers to end international public finance for fossil fuels by the end of this year, drawing a swift rebuke from climate and development campaigners.
Today G7 climate, energy and environment ministers issued a communique committing to end public finance for fossil fuels by the end of this year.
This briefing illustrates how G7 public finance flows remain severely misaligned with climate goals. G7 public finance for fossil fuels between 2018 and 2020 totalled over USD 100 billion, four times its support for renewable energy.
The G7 has now fallen squarely behind what leading economists, energy analysts, and global civil society has shown is required: an end to public finance for all fossil fuels. Our climate cannot afford further delay, and the failure of the G7 to heed these demands means more people impacted by the ravages of our climate chaos.
Today, 353 organizations from 58 countries released a letter calling on G7 leaders to stop financing fossil fuels; cancel debt payments in global South countries grappling with COVID-19 and climate impacts and pay their fair share of climate finance to global South countries for climate adaptation among other demands.
In advance of this year’s G7 Summit, 353 organizations from 58 countries have signed a letter calling on G7 leaders to stop financing fossil fuels; cancel debt payments in global South countries grappling with COVID-19 and climate impacts, and pay their fair share of climate finance to global South countries for climate adaptation among other demands.
At this year’s G7 meeting countries are discussing how to “build back better” towards a “greener, more prosperous future.” This factsheet explains the current state of G7 finance for fossil fuels and why it needs to shift to clean energy.