With G7 countries going on a global shopping spree for fossil fuels and reverting to power up coal plants as gas supply from Russia dwindles, nature lovers and environmentalists have asked these countries not to water down from their earlier communique to end all international finance towards fossil fuels by the end of 2022, and potentially shift nearly 33 billion dollar a year to clean energy sources.
They gave the call as the G7 Summit is going to happen in Germany in a few days. They said that any move to revamp fossil fuel use domestically and regress on commitments to end fossil fuel finance internationally would do the opposite of serving energy security needs. It would derail efforts to limit warming to 1.5°C and put millions of lives and livelihoods at risk from fossil-fuel-driven climate disasters.
As countries like Bangladesh experience unprecedented devastation from floods and vulnerable island countries see insidious sea level rise that is causing widespread loss and damage, it is hypocritical and morally bankrupt for rich countries to aggressively pursue fossil fuels, said the Climate Action Network International. This would only leadtofuel war and conflict and undermine rather than enhance energy security, while blocking any finance for those suffering from unavoidable climate impacts.
The Climate Action Network International called on the G7 to stand by its promise to end all international public finance to fossil fuels by the end of this year and commit to scaled up finance to help developing countries transition to clean energy and ensure finance for loss and damage is a priority this year. ”The only effective response to Russia’s horrific war against Ukraine and rising energy prices is to use public finance strategically to accelerate real solutions like sustainable renewable energy and supporting infrastructure and energy efficiency, that can help reduce reliance on fossil fuels and build a more energy-secure and safe future for all,” it said.
The Climate Action Network International noted that the lack of leadership by rich nations was on full display in the UN climate talks in Bonn where the European Union and the USA stymied progress on finance for loss and damage leaving the talks in disarray and mistrust just four months ahead of COP27 in Egypt.
MAJOR QUOTES
Laurie van der Burg, co-Lead Global Public Finance Campaign at Oil Change International; “If the G7 adds loopholes to allow public finance for gas this would denote an enormous waste of public money and a huge missed opportunity to shift this money to real solutions. While it is critical that. governments stop Russian fossil fuel imports, new gas investments are not needed to replace Russian supply and will not help achieve energy security. Renewable energy and efficiency solutions can be deployed faster, better serve development and energy access needs, and do not come with the stranded assets and financial stability risks of fossil gas. The G7 adding loopholes is a bad look for Germany and risks derailing parallel commitments to shift public money out of fossil fuels and “into clean energy. We cannot afford any backsliding. To save lives, countries need countries to stand firm in their commitments and follow through with integrity.
Laura Schäfer, Senior Advisor, German watch: “The G7 countries, as the historic major contributors to the climate crisis and as leading industrialized countries, have a special responsibility to support developing countries in dealing with climate impacts. The urgent need to increase climate Finance for adaptation and to address loss and damage has already been recognised by G7 ministers. At their summit, the G7 must now announce the provision of additional and needs-based finance for developing countries to address loss and damage. This would show that they are living up to their responsibility and not leaving developing countries alone to deal with the consequences of climate change. In addition to making the Global Climate Risk Shield operational together with the affected countries, the G7 should also support the establishment of a Loss and Damage Finance Facility at COP27.”
Tasneem Essop, Executive Director, Climate Action Network: “The G7 countries, the richest economies in the world, have the moral and historical responsibility to do their fair share to fight the climate crisis. This is a crisis caused by their disproportionate reliance on fossil fuels. The upcoming G7 summit must produce clear evidence that rich countries are committed to phasing out fossil fuels and ending all finance for fossil fuel projects. They must channel all public money towards enabling developing countries to make a just transition and for Yinance for loss and damage. Anything short of this is a betrayal by the world’s leading polluters towards the most vulnerable.
Dr. Rachel Cleetus, Policy Director and Lead Economist for the Climate and Energy Program, Union of Concerned Scientists: “The G7 nations have a tremendous responsibility and opportunity to accelerate the global transition to clean energy and Should not use the unjust war in Ukraine to double down on fossil fuels and put global climate goals at great risk. As the world reels from climate change driven disasters, low-income nations are bearing the brunt of flooding, drought wheatwaves, food insecurity and other hardships. Richer nations most responsible for carbon emissions, including the United States and other G7 countries, must rapidly scale up funding for addressing the global dimensions of the climate crisis.”