ACTION ALERT: Urge World Leaders to
Shift Public Finance from Fossils to Clean Energy
Oil Change International
(May 23, 2022) — The fossil fuel industry is propping up Putin’s war in Ukraine and driving the compounding debt, climate, and energy price crises — and there is only one effective response from world leaders at the G7.
This week, G7 environment, climate and energy ministers are meeting to discuss how to accelerate the energy transition and promote sustainable infrastructure.
This is a critical opportunity to shift international public finance from dirty, risky fossil fuels to clean energy, a shift made all the more urgent by Putin’s war against Ukraine.
The world is at a critical juncture. The only effective G7 response to fossil-fueled conflict and the compounding debt, climate and energy price crises is to end the fossil fuel era, and instead prioritize finance for the energy efficiency and renewable solutions that can accelerate the transition to a more secure, sustainable, and peaceful future.
At last year’s global climate conference in Glasgow, 39 countries and institutions committed to end international public finance for fossil fuels by the end of 2022 and prioritize clean energy finance.
All G7 nations except for Japan signed this commitment. But Russia’s war in Ukraine and fuel price spikes have prompted some signatories to consider backtracking and using public finance to support new fossil infrastructure. In addition to wrecking the climate, fossil fuels lead to price volatility and conflict — energy efficiency and renewable energy are the solutions we need to build a secure and sustainable future.
The US also has a critical opportunity to urge Japan to follow suit and secure a common agreement across the G7 on an end to public finance for fossil fuels. Japan is the world’s second largest financier of fossil fuels and is actively working to expand gas infrastructure across Asia, while also perpetuating the use of dirty coal plants.
World leaders at the G7 have a key opportunity to shift billions into energy efficiency and clean energy solutions by implementing their commitments without loopholes and pushing Japan to follow suit.
ACTION: Now’s our chance to pressure the United States to hold strong to its promise to end international public finance for fossil fuels, and to translate that commitment into strong policy. Click here to demand the United States set the bar high against deadly fossil fuels and pressure Japan to follow suit.
Thanks for all that you do. The OCI Team
Our Message:
Hey G7! Stop Funding Fossil Fuels
Thanks to action from people like you, at last year’s global climate talks 39 countries and institutions announced an end to public fossil fuel finance and a massive shift of public money to clean energy. But now we need your help to pressure G7 countries to cement their commitment.
We need your help to tell world leaders at the G7 that the time is now — all fossil fuel finance needs to end, and public money needs to be prioritized for clean energy solutions that reduce dependence on volatile and conflict-fueling fossil fuels.
The world is at a critical juncture. The only effective response to fossil-fueled conflict, and the compounding debt, climate, and energy price crises is to end the fossil fuel era and instead prioritize finance for the energy efficiency and renewable solutions that can accelerate the transition to a more secure, sustainable, and peaceful future.
The G7 has an important opportunity to accelerate solutions. Between 2018 and 2020, these countries provided four times as much public finance support for fossil fuels as for renewable energy.
In 2021, all of the G7 countries except for Japan committed in Glasgow to end public finance for fossil fuels. We need these leaders to follow through on their commitments and make fossil free public finance a global norm by cementing this commitment at the G7 and pressuring Japan to follow suit.
Oil Change International campaigns to expose the true costs of fossil fuels and facilitate the coming transition towards clean energy. We are dedicated to identifying and overcoming barriers to that transition.
