J U N E 2 0 2 2 R E

Increasing public f inance for energy eff iciency , renewable energy , economic diversif ication and just transit ion measures to reduce dependency on fossi l fuels , whether produced in Russia or elsewhere in the world , needs to be a crit ical element of the international response to the Ukraine war , the unreliabil ity of fossi l fuel markets and the climate crisis. [...] * A g e n c e F r a n ç a i s e d e D é v e l o p p e m e n t ( A F D ) , A l b a n i a , B a n c o d e D e s e n v o l v i m e n t o d e M i n a s G e r a i s ( B D M G ) , B e l g i u m , B u r k i n a F a s o , C a n a d a , C o s t a R i c a , D e n m a r k , T h e E a s t A f r i c a n D e v e l o p m e n t B a n k ( E A D B ) , E l S a l v a d o r , E t h i o p i a , T h e E u r o p e a n I. [...] ( F M O ) , F i n l a n d , F r a n c e , G a b o n , T h e G a m b i a , G e r m a n y , R e p u b l i c o f I r e l a n d , T h e H o l y S e e ( V a t i c a n C i t y S t a t e ) , I c e l a n d , I t a l y , J o r d a n , M a l i , M a r s h a l l I s l a n d s , M o l d o v a , T h e N e t h e r l a n d s , N e w Z e a l a n d , P o r t u g a l , S l o v e n i a , S p a i n , S o u t h S u d. [...] The best way to multi lateral institutions to effectively respond reduce economic and social vulnerabil ity to to the r is ing debt levels of low- income the inherent volati l ity of oil and gas markets is countries , which rose to a record $860 bil l ion to reduce the share of oil and gas in the energy in the face of the pandemic. [...] S h i f t i n g p u b l i c f i n a n c e o u t o f f o s s i l f u e l s a n d i n t o c l e a n e n e r g y i s t h e o n l y e f f e c t i v e r e s p o n s e t o P u t i n ’ s f o s s i l - f u e l e d w a r The current war in Ukraine and the high energy prices l inked to i t add an urgent imperative to accelerate the shift of public f inance away from fossi l fuels , to swiftly reduce depende.