Opportunity to shift G7 finance from fossils to clean energy
Released by Oil Transform Intercontinental, Mates of the Earth U.S., Asian People’s Movement on Financial debt and Development, Mates of the Earth Japan, Intercontinental Institute for Sustainable Development.
May well 2022
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This briefing illustrates how G7 public finance flows continue to be seriously misaligned with climate plans. G7 community finance for fossil fuels in between 2018 and 2020 totalled around USD 100 billion, 4 periods its guidance for renewable power.
However, G7 leaders have a vital option this yr to change their finance out of fossil fuels and into vitality efficiency and clean power given all G7 users apart from Japan have signed a COP26 determination to conclusion worldwide community finance for fossil fuels by the conclusion of 2022 and change this cash to clean energy.
Rather than backsliding on their commitments in reaction to Russia’s fossil-fueled war in Ukraine, the G6 require to now a lot more than ever abide by by on their commitments and prioritize public finance for the strength performance and renewable methods that can accelerate the changeover to a additional protected, sustainable, and peaceful potential. They also have an option to make a tangible big difference by acquiring Japan on board – the world’s second biggest service provider of community finance for fossil fuels.
This factsheet covers the history of the G7’s global general public finance for fossil fuels, clear and other vitality, usually takes a closer search at Japan’s role in propping up the fossil fuel sector, and phone calls for G7 nations to exhibit correct management by ending general public finance for fossils and rather prioritizing cleanse electrical power options that can develop a safer future.
Download the factsheet in this article.
