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.
Two weeks before global leaders gather for the UN Climate Ambition Summit in New York, new analysis by Oil Change International shows that several major countries continue to pump $4.4 billion in public finance into international fossil fuel projects despite committing to end this support by the end of 2022.
Italy’s far right government has broken a major climate pledge to end public financing for international fossil fuel projects, instead producing the worst policy among countries that signed the 2021 commitment.
Rather than building momentum towards COP27 through delivering strong policies and a harmonized approach to implementing the collective promise to end international public finance for fossil fuels by the end of 2022, the Summit was overshadowed by backsliding.
The time has come for ambitious E3F action, not just ambitious words. We do not want to see a year of vague compromises and exceptions that water the commitment down and lead to continued support for fossil fuels, such as gas – as this not only puts the climate at risks, it also locks countries in the south into fossil dependence with all the economic risks that come along.
A policy brief released today by OCI and ODI shows that despite their commitment to align financial flows with climate goals under the Paris Agreement adopted in 2015, the E3F countries still provided €20 billion in export finance for fossil fuel projects abroad between 2018 and 2020.
Since the implementation of the Paris Agreement, G20 countries have provided at least USD 77 billion a year in finance for oil, gas, and coal projects.
New analysis released today at the COP21 climate negotiations reveals that G7 countries along with Australia spend 40 times more on support for fossil fuel production than they do in contributions to the Green Climate Fund.