A group of more than 250 civil society organisations (CSOs) have called on governments to end export finance for oil and gas, ahead of a meeting of OECD nations next week.
OECD countries' export credit agencies provided on average $41bn/yr in support to fossil fuels between 2018 and 2020, in contrast to average "clean energy" export finance of $8.5bn/yr over the same time, CSO Oil Change International said.
The CSOs addressed their letter to countries that were signatories of the Clean Energy Transition Partnership — a pledge made at the UN Cop 26 climate summit in November 2021 to end international public finance for fossil fuels by the end of 2022. Many of the 39 country and development bank signatories were OECD nations.
G7 countries have reiterated the pledge — which would include Japan, not an original signatory. But the commitment's deadline of the end of 2022 was missed by several countries, as concern grew about energy security. Germany released a new policy earlier this year, permitting its export credit agency Euler Hermes to support new gas projects in "special individual cases". Italy updated its policy this year to allow funding abroad as late as 2028 in some circumstances.
Some countries and institutions have kept the commitment, including the European Development Bank, the UK, France, Finland, Sweden, Denmark and New Zealand, shifting around $5.7bn/yr away from fossil fuels, Oil Change International found earlier this year.
