$5.7 Billion a Year Already Shifted to Clean Energy

Adam McGibbon / Oil Change International

(March 15, 2023) — This morning we launched a new report, Promise Breakers, showing that the #StopFundingFossils commitment made by 39 countries and institutions at COP26 in Glasgow is already shifting an estimated $5.7 billion per year out of fossil fuels and into clean energy.

Promise Breakers is the first assessment after the end-of-2022 deadline evaluating which countries kept their #StopFundingFossils commitments — and which ones broke them. Read the whole report on our website and then help us spread the word.

Unfortunately, it’s not all good news – the list of promise breakers is headlined by Germany, Italy, and the United States, none of which have published new or even updated policies. If they get back on track and all the Glasgow Statement signatories fulfill their commitments, another $13.7 billion could be moved out of fossil fuels and into clean energy.

The report shows that out of sixteen high-income signatories that provide significant levels of international public finance:

• Eight have adopted policies that broadly meet the promise they made in Glasgow (Canada, the European Investment Bank, the United Kingdom, France, Finland, Sweden, Denmark, and New Zealand), shifting an estimated USD 5.7 billion per year out of fossil fuels and showing that the Glasgow Statement is having a real-world impact.
• Four (Belgium, Switzerland, the Netherlands, and Spain) have new policies that further restrict fossil fuel support but leave major loopholes and/or do not meet the end of 2022 deadline.
• Four (Germany, Italy, Portugal, and the United States) have yet to publish new or updated policies. The United States has reportedly adopted a policy, but is refusing to publish it. Ongoing policy debates in Germany and Italy suggest that these countries are likely to introduce loopholes in any forthcoming policies that allow continued fossil fuel financing.

ACTION: Read the entire Promise Breakers report on our website and help spread the word that while there’s been progress since COP26 in Glasgow, some of the biggest signatories have fallen woefully short.

This report is an important first step in holding countries accountable to their Glasgow commitments — but it doesn’t end here. Just days after this report was finalized, it appears Canada’s export credit agency, Export Development Canada is already in breach of their policy by approving four international oil and gas transactions totaling at least USD 5.5 million.

The International Energy Agency has repeatedly stated that clean energy, not fossil fuels, are the solution for energy affordability, security, and climate and development goals. Unless countries meet and expand their commitments to end international public finance for fossil fuels — climate, development, and security goals will be pushed further beyond our reach.

While some countries are dragging their feet or leaving major loopholes in their policies for fossil fuels to find their way in, it’s not too late for them to take action. Our new analysis shows it is possible for countries to stop using public money to prop up the fossil fuel industry, and instead use it to fund a just and equitable transition.

Help us celebrate the wins and hold those falling behind accountable by reading our new report and spreading the word on social media.

As always, thank you for your continued support. We’ll be in touch again soon with more ways to hold the promise breakers accountable.
Best,
Adam McGibbon, Oil Change International