Australia has joined a major international initiative to end international public finance for fossil fuels at an event held at the UK Government Pavilion today at COP28. Australia follows Norway, who also joined the initiative on Saturday.
Minutes ago, Norway joined a major international initiative to end international public finance for fossil fuels today at COP28, called the Clean Energy Transition Partnership.
Over 250 organizations from 30 countries call on governments to support fellow OECD members’ efforts to end oil and gas export finance at OECD meeting on 6 November 2023.
“The United States can help lead a shift of billions of dollars from last century’s dirty energy into the clean, renewable energy of the future, but EXIM’s fossil fuel approvals like Liwathon are a huge step backward.”
Rich countries have continued to approve USD 4.4 billion in international public finance despite committing to end this support by the end of 2022. Six countries including the United States, Germany, Italy and Japan have at least 26 fossil fuel projects awaiting approvals, with Germany having the biggest number of projects pending.
*Updated February 2024* Oil Change International analysis shows that several major countries continue to pump $6.2 billion in public finance into international fossil fuel projects despite committing to end this support by the end of 2022.
The German Government is set to break a major international climate commitment, releasing a draft policy today for Euler Hermes, the German export credit agency, which allows the agency’s huge international fossil fuel financing to continue.
Italy’s export credit agency SACE has approved a $500 million guarantee in loans for the Talara oil refinery in Peru, once again breaking their commitment to end their international public finance for fossil fuels by the end of 2022.
Next week, the U.S. International Development Finance Corporation is likely to consider a $500 million guarantee to help Polish oil and gas company PKN Orlen increase its imports of U.S. LNG, violating Biden’s commitment to end public finance for fossil fuels by the end of 2022.
New analysis by Oil Change International shows that OECD countries supported fossil fuel exports by an average of $41 billion from 2018 to 2020, almost five times more than clean energy exports. This directly contradicts internationally agreed climate goals, including the Paris Agreement objective to align financial flows with the low-carbon energy transition.