Finance for fossil fuels comes into focus on ‘Energy Day’ at COP27
15 November 2022
New report highlights the scale of finance going into fossil fuel projects in Africa
Full press conference of 15 November available on:
CAN: Climate Action Network Press Briefing on COP27 | UNFCCC
15 November 2022: Today on Energy Day at COP27, civil society representatives looked closely at the issue of finance for fossil fuels and the lack of progress to end public funding for fossil fuel projects.
A new original report titled “Who is financing fossil fuel expansion in Africa” was launched today by Urgewald together with over 30 African and international partner NGOs – including Stop EACOP Campaign, 350.org, Friends of the Earth Africa.
At the press conference hosted by Climate Action Network, Heffa Schuecking, Director, Urgewald, said: “Making net-zero promises for tomorrow is meaningless if you are spending billions of dollars on fossil fuel expansion today. Financial institutions that claim to be lining up for 1.5°C need to stop supporting clients who are driving us towards 2.8°C.”
Speaking on the launch of new Just Energy Transition Partnerships on the sidelines of the G20 Summit in Bali, Leanne Govindsamy, Programme Head Corporate Responsibility and Transparency, Centre for Environmental Rights, highlighted the example from South Africa and the lessons learned from such partnerships. “The Just Energy Transition Partnership allowed for focused attention on the just transition in South Africa and set in motion a process that otherwise would not have had. However, the actual commitments made by IPG partners and others are concerning, as they will serve to debt present and future generations,” she said.
Following up on the Glasgow Statement from COP26 to end public finance, Laurie van der Burg, Global Public Finance Co-Manager at Oil Change International, said: “Germany, Italy, Canada and the United States have yet to deliver policies that turn their Glasgow pledge into action. They have all shown concerning signs of backsliding and are eyeing continued investments in fossil fuel projects, particularly gas. All eyes are on them at this COP – will they follow the best practices of other signatories and keep their Glasgow promise or break it?”
Contact:
For more information, contact Dharini Parthasarathy, Global Communications Lead, CAN International; email: dparthasarathy@climatenetwork.org, or WhatsApp/call on +918826107830
About Climate Action Network:
Climate Action Network (CAN) is a global network of over 1800 NGOs in over 150 countries, working to fight the climate crisis. www.climatenetwork.org .