Fossil Finance Violations: Tracking Fossil Fuel Projects that violate commitments to end international public finance for fossil fuels
*Updated September, 2025* Updated analysis by Oil Change International shows that eight countries, including the United States, Germany, Switzerland, Italy and Japan, have broken their promise to end international public finance for fossil fuels by the end of 2022.
Last updated: September 30, 2025
CETP signatories have provided at least $7 billion in international public finance for fossil fuel projects since the end of 2022.
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 $21 billion.
Nine countries also have at least 27 fossil fuel projects awaiting financing approvals.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 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, 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:
- Italy approved the most finance, providing $3.6 billion in finance for 9 projects.
- We had previously listed the Talara refinery in Peru as an approved project, however, this finance did not end up going through due to strong Indigenous led pressure and has been removed.
- Germany has approved the second most fossil fuel financing, providing $1.5 billion for 12 projects since the end of 2022
- Switzerland has approved a total of almost $1.4 billion for 6 projects
- Due to a lack of transparency in SERV’s reporting, we are issuing the following clarifications: All amounts posted by SERV are the contract value and not the value of their guarantees, which can be lower. However this value is not made publicly available. As such we report on the contract value that is made available.
- We had previously listed the Kiyanly CCPP project as $2.4 billion based on what SERV reported here, however, we have updated the figure to $293 million to reflect that SERV only provided insurance for a small portion of the overall cost.
- 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 $8 billion in finance for 22 fossil fuel transactions since the end of 2022.