Australia has joined a major international initiative to end international public finance for fossil fuels at an event held at the UK Government Pavilion today at COP28. Australia follows Norway, who also joined the initiative on Saturday.
clean energy transition partnership
Over 250 organizations back groundbreaking efforts by OECD countries to end $41 billion a year in fossil fuel finance
Over 250 organizations from 30 countries call on governments to support fellow OECD members’ efforts to end oil and gas export finance at OECD meeting on 6 November 2023.
EXIM’s approval of Estonian oil project financing another blow to Biden’s climate promises
“The United States can help lead a shift of billions of dollars from last century’s dirty energy into the clean, renewable energy of the future, but EXIM’s fossil fuel approvals like Liwathon are a huge step backward.”
REVEALED: Taxpayer-funded fossil fuel projects from the U.S., Germany, and Italy breach international climate commitments
Rich countries have continued to approve USD 4.4 billion in international public finance despite committing to end this support by the end of 2022. Six countries including the United States, Germany, Italy and Japan have at least 26 fossil fuel projects awaiting approvals, with Germany having the biggest number of projects pending.
Fossil Finance Violations: Tracking Fossil Fuel Projects that violate commitments to end international public finance for fossil fuels
*Updated July 2024* Oil Change International analysis shows that several major countries continue to pump $6.2 billion in public finance into international fossil fuel projects despite committing to end this support by the end of 2022.