Research

This briefing from Oil Change International shows that G7 countries, which have both the capacity and the responsibility to be leaders in phasing out fossil fuels, are not walking the walk – at home or abroad: some G7 countries are massively expanding fossil fuel production at home, while others are investing in more fossil fuel infrastructure abroad. Both are catastrophic failures of leadership, which the G7 has a responsibility to correct.

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.

This briefing illustrates how G7 public finance flows remain severely misaligned with climate goals. G7 public finance for fossil fuels between 2018 and 2020 totalled over USD 100 billion, four times its support for renewable energy.

In advance of this year's G7 Summit, 353 organizations from 58 countries have signed a letter calling on G7 leaders 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.

At this year's G7 meeting countries are discussing how to "build back better" towards a "greener, more prosperous future." This factsheet explains the current state of G7 finance for fossil fuels and why it needs to shift to clean energy.

In providing public finance for coal projects, Japan ranks as the worst offender among the G7 nations for supporting more than $22 billion in overseas coal projects from 2007-2015, and for plans to finance another $10 billion in future coal projects. Other G7 nations also financed coal development between 2007-2015

A new report by Oil Change International identifies billions of dollars in subsidies for fossil fuel exploration from the world’s wealthiest countries.