According to civil society organisations Oil Change International and E3G, the G7 countries, the US, Japan, which hosts the group\u2019s summit this year, Italy and Germany are still falling short of their commitment to end new direct international public financing of unconstrained fossil fuel use. In May 2022, G7 climate and environment ministers reiterated a commitment by 39 countries made at the 2021 UN climate conference Cop 26 to end public financing of unburned coal, oil and gas projects by the end of 2022. The G7 countries are Canada, France, Germany, Italy, Japan, the UK and the US. The organisations said progress had been made in shifting billions of international public finance from fossil fuels to clean energy, adding that new and existing policies in Canada, the UK and France \u201clargely deliver\u201d on the Glasgow and G7 pledges. But they added that Japan and Germany had yet to publish policies to meet their commitment, while Italy\u2019s policy did not. All three countries, as well as the US, missed the 2022 deadline. The US had adopted some guidelines but had not published them, the two civil society organisations said. The civil society organisations said the G7 had an opportunity to accelerate the energy transition by meeting its commitment, adding that climate and energy ministers meeting in Japan this weekend \u201cneed to reiterate and strengthen\u201d their public finance target and avoid language that encourages investment in gas and LNG. The G7 economies added a caveat to the commitment last year that \u201cpublicly supported investments in the gas sector may be appropriate\u201d to reduce dependence on Russian gas. Japan has been \u201cactively pushing\u201d for LNG investment this year, although it has \u201cmet with resistance\u201d from the EU, Canada, the UK and the US, the groups said. Oil Change International and E3G found that G7 international public finance for fossil fuels reached at least $73 billion in 2020-22, compared with $28.6 billion for clean energy in the same period. The bulk of the financing for fossil fuel projects \u2013 82 percent \u2013 came from export credit agencies (ECAs). The groups also found that 28 percent of all G7 energy finance will go to gas in 2022-22 \u2013 $10 billion a year \u2013 \u201cmore than any other energy subsector\u201d, with the majority of gas finance going to LNG. Japan and the US were the biggest supporters of LNG, providing 47 % and 47 % respectively. 20 % of all G7 funding went to LNG, they said. Another $8.6 billion a year went to oil and gas projects, they said, while clean energy financing reached $9.5 billion in 2020-22. \u201cCanada, Japan and Italy provided the most international public finance for fossil fuels in 2020-22, providing an average of at least $10.5 billion, $6.9 billion and $2.9 billion annually,\u201d Oil Change International and E3G said.<\/p>\n
Caroline Varin<\/em><\/p>","protected":false},"excerpt":{"rendered":" According to civil society organisations Oil Change International and E3G, the G7 countries, the US, Japan, which hosts the group\u2019s summit this year, Italy and Germany are still falling short of their commitment to end new direct international public financing of unfettered fossil fuel use. In May 2022, G7 climate and environment ministers reiterated the commitment made by 39 countries at the [\u2026]<\/p>","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[],"class_list":["post-2165","post","type-post","status-publish","format-standard","hentry","category-klimaticka-zmena"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/posts\/2165","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/comments?post=2165"}],"version-history":[{"count":0,"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/posts\/2165\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/media?parent=2165"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/categories?post=2165"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/tags?post=2165"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}