Italy’s SACE breaks climate promise with $500 million guarantee for Peru oil refinery
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.
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Contact:
Nicole Rodel, Oil Change International, [email protected]
Italy’s SACE breaks climate promise with $500 million guarantee for Peru oil refinery
11 July 2023 – 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.
SACE is the biggest public financier of fossil fuels in Europe. Between 2016 and 2021, SACE supported EUR 13.7 billion in fossil fuels. A study by Oil Change International last year revealed that SACE is considering financing for international fossil fuel projects with emissions equivalent to more than 3 times Italy’s entire annual emissions.
In response, Adam McGibbon, Public Finance Strategist at Oil Change International said:
“Italy continues to break its promises. Rather than using public money to support a just energy transition to renewables as promised, they are pouring more fuel on the fire by funding this climate wrecking project. This move maintains SACE’s position as Europe’s largest fossil fuel financier, denies the IPCC’s ‘final warning’, and makes Italy a rogue state in Europe when it comes to climate change.
Other countries have kept their promise to end international public finance for fossil fuels. This is already shifting billions of dollars towards clean energy, and there needs to be accountability for signatories such as Italy for going back on their word.”
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