Briefing: G7 countries can shift billions into clean energy if they strengthen their commitment to end international fossil finance
The new briefing provides preliminary energy finance data for 2022 and shows that not only investments in new fossil fuel infrastructure are incompatible with meeting climate goals, but also that they are not needed for energy security and development goals.
Oil Change International
April 2023
G7 countries can shift billions into clean energy if they strengthen their commitment to end international fossil finance
This briefing provides preliminary energy finance data for 2022 and shows that not only investments in new fossil fuel infrastructure are incompatible with meeting climate goals, but also that they are not needed for energy security and development goals. What is needed is a rapid scale-up of clean energy solutions.
The G7 has the opportunity to accelerate the energy transition by delivering on their commitment to end international public finance for fossil fuels, and by committing to a managed phase-out of fossil fuel production alongside a rapid scale-up of clean energy solutions on a timeline compatible with limiting warming to 1.5 degrees Celsius (°C).
However, as this year’s G7 host, Japan is undermining this potential progress by pushing for increased gas finance, ammonia co-firing and other fossil-based technologies that will expand the use of fossils and undercut meaningful climate action at the G7.