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For Immediate Release
June, 04 2024, 08:46am EDT
Contact:
Nicole Rodel, Oil Change International – nicole@priceofoil.org
Last opportunity for G7 to deliver on fossil fuel promises before updating climate plans
Data published today by Oil Change International shows G7 countries are continuing to overwhelmingly prop up fossil fuels at home and abroad, despite agreeing to phase them out at COP28. G7 countries are massively expanding fossil fuel production at home and investing billions in more fossil fuel infrastructure abroad.
G7 nations – Canada, France, Germany, Italy, Japan, the United States, and the United Kingdom – will gather for the upcoming Leaders’ Summit in Italy from 13 – 15 June, at a historic time for climate politics. This will be the last time these governments meet before submitting enhanced climate plans under the Paris Agreement.
At home, G7 countries have both the capacity and the responsibility to lead in phasing out fossil fuels. However, not only are G7 countries among the world’s biggest extractors of fossil fuels, they also have large expansion plans that sabotage any hope of achieving the climate goals they have repeatedly committed to.
- Italy, which holds the G7 presidency this year, recently committed to doubling its production of natural gas, when it should be among the nations phasing out fossil fuel production fastest.
- The U.S. is both the largest oil and gas producer globally and has the biggest oil and gas expansion plans by far, despite President Biden’s climate promises.
To uphold the COP28 decision, G7 countries must quickly phase out all existing production, and immediately end fossil fuel expansion at home. Continued oil and gas expansion would lock in climate chaos and an unlivable future.
Abroad, G7 members continue to provide billions of dollars in taxpayer finance for international fossil fuel projects, despite repeatedly promising to end financial support for these projects. Last year, the G7 even misleadingly claimed it had ended such financing. However, as of May 15, 2024, OCI has tracked at least $8.5 billion in public support for fossil fuel projects abroad from the G7 since the end of 2022, with Japan and the United States providing the majority of this financing.
The G7’s financing of fossil fuels still dwarfs its financial support for renewable energy, using public money to enable high-risk fossil fuel projects worldwide, while delaying the transition to renewables.
Oil Change International’s recommendations for G7 leaders at the upcoming summit and beyond include:
- Strengthen fossil fuel phase-out language and targets agreed at the 2023 G7 Hiroshima Summit and at COP28
- Demonstrate robust implementation of the COP28 UAE consensus to transition away from fossil fuels
- Acknowledge reductions in future fossil fuel demand and the impact this will have on export-dependent producer countries
- Prioritize support for the clean energy transition with a clear clean energy finance offer, that dramatically scales up clean energy finance where it is most needed, on fair terms
- Reiterate and strengthen the G7 2022 commitment to “end new direct public support for the international unabated fossil fuel energy sector by the end of 2022.”
Adam McGibbon, Public Finance Strategist at Oil Change International, said:
“The G7 are not just delaying taking climate action – they are actively blocking a fair, fast, full, and funded phase out of fossil fuels with massive expansion plans at home, and backing fossil fuel projects abroad with billions in public money.
“This summit is a critical moment for G7 nations to demonstrate true leadership. We’re calling on G7 leaders to acknowledge that fossil fuel expansion is incompatible with the 1.5C limit, and to commit to submitting enhanced climate plans under the Paris Agreement that will deliver a science-aligned fossil fuel phaseout and support for an equitable transition to clean energy.
“There is no shortage of public money to make the COP28 decision on fossil fuels a reality – it is just poorly distributed to the most harmful parts of our economies that are driving the climate crisis and extreme inequalities. G7 countries must make good on their promise to stop funding fossil fuels, and pay their fair share for people-centered renewables on fair terms.
“The G7 are among the world’s most powerful and wealthiest nations. They have a responsibility to lead the way both at home and abroad. Anything less is hypocrisy and gross negligence, and risks endangering the implementation of the COP28 decision to transition away from fossil fuels.”
Oil Change International is a research, communications, and advocacy organization focused on exposing the true costs of fossil fuels and facilitating the ongoing transition to clean energy.
(202) 518-9029LATEST NEWS
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"There must be accountability for this administration's dangerous disregard for our national security," said one Democratic congressman and former military prosecutor.
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U.S. National Security Adviser Mike Waltz and members of his staff have created at least 20 group chats on the encrypted messaging app Signal to coordinate official work on sensitive policy issues around the world, four people who were added to such groups told Politico.
Waltz was already under fire for a group chat about the U.S. bombing Yemen when the report broke. Politico's Dasha Burns wrote on Wednesday that "none of the four individuals said they were aware of whether any classified information was shared, but all said that posts in group chats did include sensitive details of national security work."
The anonymous sources told Politico that the group chats involved policy issues involving China, Ukraine, Gaza, the Middle East, Europe, and Africa. One of them said, "It was commonplace to stand up chats on any given national security topic," one of the four sources told the outlet.
The Politico article comes a day after The Washington Postreported that Waltz and other members of President Donald Trump's National Security Council conducted official government business via their personal Gmail accounts, which are far less secure than Signal chats.
The fresh revelations also come as "Signalgate"—in which Waltz, Defense Secretary Pete Hegseth, and other top Trump administration officials added a journalist to a Signal group chat about plans to bomb Yemen—still smolders.
Calls for Waltz's resignation or firing, which were already numerous in the wake of Signalgate, mounted Wednesday.
Resign.
[image or embed]
— Senator Ed Markey ( @markey.senate.gov) April 2, 2025 at 2:26 PM
"Waltz must resign. Hegseth must resign," Rep. Ted Lieu (D-Calif.), a member of the House Foreign Affairs Committee, said on the social media site Bluesky. "There must be accountability for this administration's dangerous disregard for our national security."
Referring to the Signal group chats, Rep. Jimmy Gomez (D-Calif.) asked on the social media site X, "How many more are there?"
"Even Trump allies say this doesn't pass the smell test," he added. "National Security Adviser Waltz and Pete Hegseth need to be fired."
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After U.S. President Donald Trump announced long-anticipated sweeping tariffs at the White House Rose Garden on Wednesday, economists, labor leaders, American lawmakers, and other critics reiterated that the move will negatively impact people worldwide.
The president revealed that on April 5, he will impose a 10% tariff on all imported goods and additional penalties for dozens of countries, including major trading partners—ignoring warnings that, as Jeffrey Sachs wrote in a Common Dreams opinion piece, his "tariffs will fail to close the trade and budget deficits, raise prices, and make America and the world poorer."
Trump's related executive order states that he finds "that underlying conditions, including a lack of reciprocity in our bilateral trade relationships, disparate tariff rates and nontariff barriers, and U.S. trading partners' economic policies that suppress domestic wages and consumption, as indicated by large and persistent annual U.S. goods trade deficits, constitute an unusual and extraordinary threat to the national security and economy of the United States."
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Groundwork Collaborative executive director Lindsay Owens
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Kobie Christian, a spokesperson for the national campaign Unrig Our Economy, similarly concluded that "there is no other way to say it—this is an out-of-touch policy designed by a billionaire and for billionaires."
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Wallach was among those who pointed out that tariffs can be a vital tool. She explained that "Trump's announcement goes much broader, but tariffs against mercantilist countries like China, Germany, Korea, Taiwan, and Japan to counter systemic trade abuses can help restore America's capacity to produce more of the critical products needed for American families to be healthy and safe and for our country to be more resilient and secure."
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The only thing being liberated today is money from the bank accounts of hard-working Americans.
— Robert Reich ( @rbreich.bsky.social) April 2, 2025 at 5:21 PM
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Some congressional Democrats shared similar criticism. Michigan Congresswoman Debbie Dingell said that "when used strategically, tariffs are a critical tool to bring back jobs and support American workers and industries," but "I'm concerned about the chaotic and immediate implementation of these wide-reaching tariffs."
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"Population zero. I guess we're going to tariff the seagulls?" quipped Reichlin-Melnick. "It kind of feels like a White House intern went through Wikipedia's list of countries and just generated this list off of that with no further research."
Organizer Max Berger
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"Trump is clearly comfortable weaponizing Social Security for political purposes, and we fear that this is only the beginning," said one critic.
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The top Democrat on the U.S. House Oversight Committee on Wednesday led calls for the resignation of acting Social Security Administration Commissioner Leland Dudek following the revelation of internal emails confirming that the SSA canceled contracts with the state of Maine as political payback after Democratic Gov. Janet Mills publicly defied President Donald Trump in support of transgender student athletes.
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"These emails confirm that the Trump administration is intentionally creating waste and the opportunity for fraud."
Dudek—who is leading the SSA while the Senate considers Trump's nomination of financial services executive Frank Bisignano—replied to the staffer: "Please cancel the contracts. While our improper payments will go up, and fraudsters may compromise identities, no money will go from the public trust to a petulant child."
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