Briefing
Fossil Finance Violations: Tracking Fossil Fuel Projects that violate commitments to end international public finance for fossil fuels
Published by: Oil Change International
*Updated March 27, 2025* Updated analysis by Oil Change International shows that six countries, including Germany, Switzerland, Italy, the Netherlands, the United States, and Japan, have broken their promise to end international public finance for fossil fuels by the end of 2022.
Last updated: March 27, 2025
- In total, CETP signatories have approved at least $4.3 billion in public finance for international fossil fuel projects since the deadline passed. In addition, while the US was still a signatory it approved $3.7 billion for 12 projects, and has provided $4.7 billion in finance for one project since withdrawing from the CETP. The US remains bound by a near-identical G7 commitment, alongside Japan. Their fossil fuel finance with the CETP signatories’ finance brings the total to $17.8 billion. Six countries also have at least 29 fossil fuel projects awaiting financing approvals, with Germany having the biggest number of projects pending.Without this public funding, many of these projects, which are incompatible with limiting global warming to 1.5°C, would be unlikely to be able to proceed. The Fossil Finance Violations project tracker, along with our running implementation tracker, shows that the majority of the 7 large international public finance providers that signed the Clean Energy Transition Partnership or CETP (also sometimes referred to as the Glasgow Statement) or the corresponding G7 commitment have kept their promise and not financed fossil fuels since the deadline elapsed (Belgium, Canada, Denmark, France, New Zealand, Portugal, Sweden, Spain, and the United Kingdom). However, a handful of major countries are continuing to finance fossil fuel projects in breach of these commitments, undermining their integrity. The tracker documents project approvals or pending projects that have been made publicly available. Due to transparency issues and lags in reporting on project finance, it likely may not include all projects that have been approved or are under consideration that violate the CETP. The countries with repeated violations of their commitment(s) to end fossil fuel finance are:
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- Germany has approved the most fossil fuel financing, providing $1.5 billion for 11 projects since the end of 2022.
- Switzerland has approved the second most fossil fuel finance of the CETP signatories since the end of 2022 deadline passed, providing a total of $1.4 billion for 6 projects.
- Italy approved $1.1 billion in finance for 4 projects in 2023.
- While still a CETP signatory, The US approved the most fossil fuel finance of CETP signatories since the end of 2022 deadline passed, providing a total of $3.7 billion for 12 projects. In December 2023, US EXIM also provided domestic fossil fuel support of $90 Million to Freeport LNG. Since leaving the CETP in February 2025, the US provided $4.7 billion in finance for Mozambique LNG, mired in allegations of human rights violations and environmental devastation.
- Japan has provided at least $5 billion in finance for 15 fossil fuel transactions since the end of 2022.
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