Shifting G7 Fossil Fuel Finance to Clean Energy
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.
Oil Change International
June 2021
On 11-13 June 2021 world leaders are gathering for the United Kingdom (UK) hosted G7 Summit. The Summit comes at a critical moment, just five months before the next big UN Climate Summit, COP26, also hosted by the UK. For their June Summit, G7 members have set themselves the task to “build back better from coronavirus and create a greener, more prosperous future”.
The science tells world leaders that building a green and prosperous future means a rapid decline of fossil fuel production and use. The International Energy Agency’s (IEA) net-zero scenario that gives a 50% chance to stay below 1.5°C global warming published in May shows investments in new fossil fuel supply beyond 2021 are incompatible with this target.
G7 finance needs to shift completely out of new fossil fuel supply by the end of 2021. They have an important opportunity to shift this money to
clean energy, just transition measures and increased support for the clean energy transition in developing countries, which will in turn help create the jobs needed to build back better from COVID-19.
This factsheet explains the current state of G7 finance for fossil fuels and why it needs to shift to clean energy.