Oil Change International calls out G7 failure to end all fossil fuel finance
The G7 has now fallen squarely behind what leading economists, energy analysts, and global civil society has shown is required: an end to public finance for all fossil fuels. Our climate cannot afford further delay, and the failure of the G7 to heed these demands means more people impacted by the ravages of our climate chaos.
FOR IMMEDIATE RELEASE
13 June 2021
Contact:
David Turnbull, [email protected]
Laurie van der Burg, [email protected]
G7 Leaders Fail to Raise Ambition on Necessary Climate Action
Oil Change International calls out failure to end all fossil fuel finance
Today the Group of 7 (G7) leaders released a statement at the close of their summit in Cornwall, UK. In it, they reiterate a commitment to achieving the goals of the Paris Agreement on climate change as well as previous commitments to phase out financing for coal projects around the world. However, the leaders failed to follow the advice of the International Energy Agency and call for an end to fossil fuel finance of all sorts, including oil and gas as well as coal. Last week, over 100 Economists as well as over 350 civil society organizations released a pair of letters calling on G7 nations to end all fossil fuel finance. In response to the G7 statement today, Oil Change International experts released the following statements:
Laurie van der Burg, Senior Campaigner, Oil Change International:
“The G7 has now fallen squarely behind what leading economists, energy analysts, and global civil society has shown is required: an end to public finance for all fossil fuels. Our climate cannot afford further delay, and the failure of the G7 to heed these demands means more people impacted by the ravages of our climate chaos.
“Between 2017 and 2019, G7 nations spent USD 86 billion in public finance for fossil fuels. Every single cent of that makes it harder to reach our climate goals. That’s why more than one hundred economists as well as hundreds of civil society organizations from around the globe called on these leaders to end this public support for dirty fuels and shift this money to real solutions. Unfortunately those calls were not met with action, and our climate and communities—particularly the most vulnerable in the Global South—will feel the consequences.”
Susanne Wong, Senior Campaigner, Oil Change International:
“Japan’s addiction to fossil fuels is undermining critical action to address the climate crisis. Japan blocked efforts at the G7 to commit to a timeline to phase out domestic coal and watered down language to phase out overseas finance for all fossil fuels. We need Prime Minister Suga to demonstrate climate leadership and support strong action to address the biggest crisis facing humanity and our planet.”
David Turnbull, Strategic Communications Director, Oil Change International:
“President Biden’s first trip abroad unfortunately can be chalked up as a missed opportunity. Despite strong statements about ending U.S. international support for all fossil fuels in the first few months of his administration, President Biden has yet to turn those statements into true action. The G7 was a key moment to show that the U.S. can be a leader in moving the world forward on bold climate action, and unfortunately that leadership has not yet revealed itself.”
###
Notes:
For more details on G7 international finance for fossil fuels see this Oil Change International factsheet: http://oilchange.org/2021/06/03/shifting-g7-fossil-fuel-finance-to-clean-energy/
More than 100 economists called on G7 countries to commit to shift their finance out of all fossil fuels this year, to enable a green pandemic recovery. See the letter here: https://news.trust.org/item/20210608180631-eogrp/
Over 530 organizations from 58 countries released a letter to G7 leaders, calling on them to stop financing fossil fuels; cancel debt payments in global South countries grappling with COVID-19 and climate impacts, and pay their fair share of climate finance to global South countries for climate adaptation among other demands. See the letter here: http://oilchange.org/g7-2021-cso-letter
Civil society members released a letter to Japan’s Prime Minister Suga calling on Japan to end its international finance for all fossil fuels, highlighting two overseas coal projects in particular. See the letter here: https://www.nocoaljapan.org/ngos-call-on-japan-to-end-overseas-public-finance-for-fossil-fuels-including-indramayu-and-matarbari-2-coal-plants-at-g7-summit/
Civil society members in Canada have sent a letter and ad calling on Minister of International Trade Mary Ng to end public finance for oil and gas through Export Development Canada, the agency responsible for Canada’s #1 ranking in the G7 for public finance for fossil fuels. See the letter here: http://www.fossilfreeedc.ca/