This article sheds light on how governments of first world countries are providing critical funding to companies for expanding their operations in developing nations, despite previous agreements to end taxpayer funding for fossil fuel projects. The report highlights the continued financial support from G7 and G20 countries, as well as the reduction in funding for coal.
shines a spotlight on how the governments of so-called “first world” countries are enabling this self-destructive behavior by providing critical funding to those companies so they can continue expanding their operations in developing nations .It wasn’t supposed to be this way.
Canada got a passing grade. OCI says that as of the end of 2022, it had fulfilled its commitment to end international finance for fossil fuel development and is under pressure to meet a separate pledge to end its much larger domestic fossil fuel financial support this year. Japan did not fare as well. Despite being a signatory to the commitment to phase out international public finance for fossil fuels, Japan has yet to take steps to put commitments into action.
Arima said, “Japan is derailing the transition to renewable energy across Asia and globally. Despite its G7 commitment to end fossil fuel financing, its public financial institutions like the Japan Bank for International Cooperation continue to support new fossil fuel projects, including the Scarborough gas field in Australia and gas power plants in Mexico.
Dramatically scale up clean energy finance on fair terms, especially for transformative energy democracy and environmental justice priorities where need is greatest. This finance must be delivered on debt sustainable terms, and implemented with safeguards and standards to ensure all projects uphold and protect human rights, including free, prior and informed consent; are implemented with democratic and participatory processes; and ensure the sustainable use of land, water and ecosystems.
Fossil Fuel Funding First World Governments Developing Nations G7 G20 Coal
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