OPPORTUNITY TO SHIFT G7 FINANCE FROM FOSSILS TO CLEAN ENERGY

in encouraging Japan, the world’s installment of the Intergovernmental second-largest provider of public 1 OPPORTUNITY TO SHIFT G7 FINANCE FROM FOSSILS TO CLEAN ENERGY finance for fossil fuels, to follow suit, and implement their must end public financing of fossil fuel projects and commitments with integrity, this will help shift billions increase their public finance support for clean energy. [...] 2 OPPORTUNITY TO SHIFT G7 FINANCE FROM FOSSILS TO CLEAN ENERGY USD Billions At the 2021 G7 Summit, G7 leaders committed to “an government priorities to help reduce inequities in access end to new direct government support for unabated to finance and to reduce risks for private investors. [...] Oil and gas extraction the international unabated fossil fuel energy sector by are not only harmful to the environment and local the end of 2022, except in limited and clearly defined communities, they also expose countries to geopolitical circumstances that are consistent with a 1.5°C warming conflicts and volatile fuel prices, as the G7 countries have limit and the goals of the Paris Agreement”. [...] influence in the global gas market by playing a role in increasing the demand for gas in the Asian region.15 In May 2021, Japan pledged $10 billion to the Association PROMOTING TECHNOLOGIES TO PROLONG THE of Southeast Asian Nations’ energy ministers to finance USE OF COAL LNG and renewables projects through the Asia Energy Despite Japan’s G7 commitment to phase out coal by the Transition Initiativ. [...] The necessary response to the Japan has a well-documented track record of blocking compounding debt, war, climate, and energy price crises is international efforts to reach the Paris climate goals and to strategically use public finance to reduce dependency end support for fossil fuels.