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For Immediate Release
March, 15 2023, 08:30am EDT
Contact:
- Nicole Rodel – nicole[at]priceofoil.org
- Adam McGibbon – adam.mcgibbon[at]priceofoil.org
- Bronwen Tucker – bronwen[at]priceofoil.org
New report: Commitment to end international finance for fossil fuels is shifting billions, but key countries breaking promises missing in action
New research shows Glasgow Statement commitment forged at the 2021 UN climate summit is already shifting an estimated USD 5.7 billion per year out of fossil fuels and into clean energy
Promise Breakers, a report released today by Oil Change International, reveals that the Glasgow Statement, a joint commitment forged at the 2021 UN climate summit (COP26), is already shifting an estimated USD 5.7 billion per year out of fossil fuels and into clean energy, with the potential of a further 13.7 billion per year if all Glasgow Statement signatories fulfill their commitments.
At COP26 in Glasgow, 39 countries and institutions pledged to end international public finance for fossil fuels by the end of 2022 and shift this money to clean energy. This report is the first international assessment of signatories’ implementation of the commitment since the passing of the end of 2022 deadline.
The report reveals that while some high-income countries have kept their Glasgow commitment, a group of major providers of international public finance have broken their promise, including Germany, Italy, and the United States.
The report’s key findings include that out of sixteen high-income signatories that provide significant levels of international public finance:
- Eight have adopted policies that broadly meet the promise they made in Glasgow (Canada, the European Investment Bank, the United Kingdom, France, Finland, Sweden, Denmark, and New Zealand), shifting an estimated USD 5.7 billion per year out of fossil fuels and showing that the Glasgow Statement is having a real-world impact;
- Four signatories (Belgium, Switzerland, the Netherlands, and Spain) have new policies that further restrict fossil fuel support but leave major loopholes and/or do not meet the end of 2022 deadline;
- Four signatories (Germany, Italy, Portugal, and the United States) have yet to publish new or updated policies. The United States has reportedly adopted a policy, but is refusing to publish it. Ongoing policy debates in Germany and Italy suggest that these countries are likely to introduce loopholes in any forthcoming policies that allow continued fossil fuel financing;
- Just days after this report was finalized, it appears Canada’s export credit agency, Export Development Canada is already in breach of their policy by approving four international oil and gas transactions totaling at least USD 5.5 million in 2023.
The report contains a detailed report card on each signatories’ policies, with recommendations for improvement. It highlights key opportunities for signatories to increase their clean energy finance levels, work together to reiterate and strengthen their commitment to end international finance for fossil fuels at the Japan-led G7 in May and negotiate oil and gas export finance restrictions at the OECD.
The International Energy Agency (IEA) has repeatedly stated that clean energy, not fossil fuels, are the solution for energy affordability, security and climate and development goals. Unless countries meet and expand their commitments to end international public finance for fossil fuels in 2023, climate, development and security goals will be pushed further beyond reach.
Previous Oil Change International research shows that international public finance still heavily favors fossil fuels. Oil Change International’s Public Finance for Energy Database shows that from 2016 – the year after the Paris Agreement was signed – until 2021, USD 422 billion in international public finance has gone to fossil fuels compared to just USD 173 billion for clean energy.
Adam McGibbon, a lead author and Public Finance Strategist at Oil Change International, said: “Our research shows that while the Glasgow Statement is a success story that’s having a real-world impact in shifting finance away from fossil fuels, some countries like the US, Germany and Italy have broken their promise.
These countries must immediately implement policies to keep the promise they made in Glasgow, phasing out international public finance for fossil fuels, or face growing international scrutiny as promise-breakers on climate policy.”
Regine Richter, Senior Energy and Finance campaigner at Urgewald said: “Continuously supporting the fossil fuel industry with public money will obstruct the ecological transition that Chancellor Scholz otherwise declares as most important for the country. He needs to choose his camp: promoting the transition or hampering it.”
Kate DeAngelis, International Finance Program Manager at Friends of the Earth U.S., said: “The United States has long claimed to be a world leader in climate action, yet fails to back this up with meaningful action or policy. U.S. agencies like the U.S. Export-Import Bank and U.S. International Development Finance Corporation continue to be piggy banks for fossil fuel projects from Mexico to South Africa to Indonesia, as these nations suffer from climate change.
President Biden must make his administration’s policy public, which would catalyze other countries to stop providing billions of dollars to polluting projects all over the world. True leaders do not blink when faced with a global climate crisis.”
Simone Ogno, Climate and Finance campaigner at ReCommon, said: “Italy is already three months late for implementing the Glasgow Statement. Through its export credit agency SACE, Italy has become the 1st European fossil fuel financier, enabling the development of strategic oil & gas projects for the Russian Federation, not to mention LNG projects in Mozambique and oil refineries in Egypt.
On top of that, we’re forced to endure SACE chairing even the OECD Working Party on Export Credit and Credit Guarantees, the entity entitled to discuss the restrictions on export credit support for oil & gas. The time has come for Italy and SACE to end this tragic record once and for all.”
Constantin Zerger, Head of Energy and Climate Protection at the Deutsche Umwelthilfe, said: “Instead of providing gigantic sums of public funds for fossil fuel projects that are incompatible with the Paris Agreement, we urge German Chancellor Olaf Scholz to ensure that the Kreditanstalt für Wiederaufbau adheres to the Glasgow Statement. The government-owned development bank needs to officially commit that it will end its support for financial fossil fuel projects abroad and in Germany. Chancellor Scholz, it is time to become a real climate leader!”
Notes:
- In addition to the authoring organizations, the report has also been endorsed by 49 other organizations from across the world.
- The Glasgow Statement was launched at the UN climate talks in Glasgow (COP26). The 39 signatories aim to “end new direct public support for the international unabated fossil fuel energy sector by the end of 2022” and instead “prioritise our support fully towards the clean energy transition.”
- The Glasgow Statement has 39 signatories. This includes 19 high-income countries (Belgium, Canada, Denmark, Finland, France, Germany, Republic of Ireland, The Holy See [Vatican City State], Iceland, Italy, the Netherlands, New Zealand, Portugal, Slovenia, Spain, Sweden, Switzerland, United Kingdom, United States), 15 low- and middle-income countries (Albania, Burkina Faso, Costa Rica, El Salvador, Ethiopia, Fiji, Gabon, The Gambia, Jordan, Mali, Marshall Islands, Moldova, South Sudan, Sri Lanka, Zambia), and 5 public finance institutions (Agence Française de Développement [AFD], Banco de Desenvolvimento de Minas Gerais, the East African Development Bank, the European Investment Bank [EIB], and Financierings-Maatschappij voor Ontwikkelingslanden N.V. [FMO])
- In its latest report, the IPCC highlighted public finance for fossil fuels as ‘severely misaligned’ with reaching the Paris goals, but that if shifted, it would play a critical role in closing the mitigation finance gap, enabling emission reductions and a just transition. More background on the role international public finance plays in shaping energy systems is available in this Oil Change International briefing.
- A legal opinion by Professor Jorge E Viñuales from the University of Cambridge and Barrister Kate Cook of Matrix Chambers argues that governments and public finance institutions that continue to finance fossil fuel infrastructure are potentially at risk of climate litigation.
- The report urges signatories to table and back a proposal for oil and gas export finance restrictions at the OECD as soon as possible. A proposal to end export finance support for oil and gas has been endorsed by over 175 organizations.
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.
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Cold Weather Kills Baby in Flooded Gaza Tent as UN Warns of Crisis for Mothers and Children
"The pattern is clear—malnourished mothers, giving birth to underweight or premature babies, who die in Gaza's neonatal intensive care units or survive, only to face malnutrition themselves," said a UNICEF spokesperson.
Dec 11, 2025
Over two years into Israel's genocidal assault on and blockade of the Gaza Strip, the death toll continued to rise on Thursday, with local health officials and relatives confirming that 8-month-old Rahaf Abu Jazar died of exposure after floodwaters hit her family's tent in Khan Younis.
Her death came as the United Nations Children's Fund (UNICEF) and the UN Human Rights Office in the occupied Palestinian territory continued to sound the alarm about conditions for mothers and children, including infants like Abu Jazar.
As CNN reported Thursday:
Weeping and caressing the lifeless Rahaf in her arms, the baby's mother, Hejar Abu Jazar, kept ululating in despair. She said she had fed her daughter the previous night.
"She was completely fine. I breastfed her last night. Then all of a sudden, I found her freezing and shivering. She was healthy, my sweetheart," she cried.
"When we woke up, we found the rain over her and the wind on her, and the girl died of cold suddenly," the mother told Reuters. "There was nothing wrong with her. Oh, the fire in my heart, the fire in my heart, oh my life."
Citing municipal and civil defense officials, the news agency also noted that the storm flooded most tent encampments across Gaza, leading to thousands of calls for help that largely went unanswered due to fuel shortages and damage to equipment such as bulldozers tied to Israel's blockade and bombardment of the exclave since the Hamas-led October 7, 2023 attack.
After more than two years of war, Hamas and Israel struck a ceasefire deal this past October, though hundreds of alleged Israeli violations have resulted in at least 383 Palestinian deaths and 1,002 injuries. As of Thursday, the Gaza Ministry of Health put the totals at 70,373 dead and 171,079 injured, though with thousands missing, those are likely undercounts.
In addition to killing over 70,000 Palestinians, Israel "has also damaged or destroyed 94% of Gaza's hospitals, largely denying women access to essential healthcare, including reproductive healthcare," the UN Human Rights Office noted in a Thursday statement. "The Israeli blockade has also prevented the entry of objects indispensable to the survival of civilians, including medical supplies and nutrients required to sustain pregnancies and ensure safe childbirth."
"As a result, women were three times more likely to die from childbirth and three times more likely to miscarry in Gaza by October 2024 compared to before October 7, 2023," the office said. "Newborn deaths have increased, including at least 21 babies who died on their first day of life as of June 30, 2025. And births have dropped by a staggering 41% in the first half of 2025 compared to the same period in 2022."
Dr. Ambereen Sleemi, an American gynecologist, told the UN office about her experience volunteering in July at Nasser Hospital in Khan Younis, the largest medical facility in southern Gaza.
"As we did our rounds, bombs were going off in the background. One time, a nurse was shot in the head through the window in Nasser," she said. "Sometimes quadcopters would come in and try to shoot nurses or literally chase them through the hospital corridors."
"I cared for pregnant women who had been shot in various locations, including the abdomen," the doctor continued. "Many women were simply too injured to survive. If their injuries did not claim their lives, then sepsis often did, as there were not enough medical supplies or antibiotics to treat the preventable infections that followed."
"Almost every pregnant woman I treated who had other children said she had already lost a child in the war," Sleemi added. "The collective pain and sorrow were overwhelming and ever-present."
Some of them have died of hunger. While speaking with reporters at UN headquarters in Geneva earlier this week, Tess Ingram, UNICEF communication manager, highlighted how the hunger crisis in Gaza is impacting mothers and young kids.
"At least 165 children are reported to have died painful, preventable deaths related to malnutrition during the war," Ingram said. "But far less reported has been the scale of malnutrition among pregnant and breastfeeding women, and the devastating domino effect that has had on thousands of newborns."
"The pattern is clear—malnourished mothers, giving birth to underweight or premature babies, who die in Gaza's neonatal intensive care units or survive, only to face malnutrition themselves or potential lifelong medical complications," she continued, recalling some of the newborns she saw in the strip's hospitals, "their tiny chests heaving with the effort of staying alive."
Ingram stressed that "low birth weight infants are about 20 times more likely to die than infants of normal weight. They need special care, which many of the hospitals in Gaza have struggled to provide due to the destruction of the health system, the death and displacement of staff, and impediments by Israeli authorities that prevented some essential medical supplies from entering the strip."
She also shared the story of meeting a mother at a neonatal intensive care unit in Gaza City two weeks ago. The woman, Fatma, was there to see her baby, Mohammed, who was born premature and weighed only 3.3 pounds.
According to Ingram:
Fatma told me that unlike her first pregnancy, when she had access to antenatal checkups, vitamins, and nutritious food, "this pregnancy has been full of displacement, lack of food, malnutrition, war, and fear." She said she was malnourished for three months of the pregnancy, displaced three times, and her young daughter and husband were killed, two months apart, by airstrikes.
I have spent many months in Gaza over the past two years, and I see and hear the generational impacts of the conflict on mothers and their infants almost every day; in hospitals, nutrition clinics, and family tents. It is less visible than blood or injury, but it is ubiquitous. It is everywhere.
I have lost count of the number of parents like Fatma who have sobbed while telling me what happened to them, wrecked by how powerless they are to protect their children in the face of indiscriminate destruction and deprivation. Generations of families, including those born into the ceasefire, have been forever altered by what was inflicted upon them.
"And the fear must end," she declared. "This ceasefire should offer families safety, not more loss. More than 70 children have been killed in the eight weeks since the ceasefire began. The ongoing attacks and the killing of children must stop immediately."
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Trump's Indiana Redistricting Scheme Crashes and Burns in Overwhelming Defeat
The vote came after an emotional debate in which some Republican lawmakers detailed threats and harassment they'd received for opposing the president's redistricting scheme.
Dec 11, 2025
President Donald Trump's push to get Indiana Republicans to redraw their congressional map ahead of the 2026 midterm elections went down in overwhelming defeat in the Indiana state Senate on Thursday.
As reported by Punchbowl News' Jake Sherman, the proposal to support a mid-decade gerrymander in Indiana was rejected by a vote of 19 in favor to 31 opposed, with 21 Republican state senators crossing the aisle to vote with all 10 Democrats to torpedo the measure, which would have changed the projected balance of Indiana's current congressional makeup from seven Republicans and two Democrats to a 9-0 map in favor of the GOP.
The Senate vote came after the state House's approval of the bill and an emotional debate in which some Indiana Republicans opposed to the president's plan detailed violent threats they'd received from his supporters.
According to a report published in the Atlantic on Thursday, Republican Indiana state Sen. Greg Walker (41) this week detailed having heavily armed police come to his home as the result of a false emergency call, a practice commonly known as swatting.
Walker said that he refused to be intimated by such tactics, and added that "I fear for all states if we allow threats and intimidation to become the norm."
Indiana's rejection of the effort is a major blow to Trump’s unprecedented mid-decade redistricting crusade, which began in Texas and subsequently spread to Missouri and North Carolina.
Christina Harvey, executive director for Stand Up America, said that the Indiana state Senate's rejection of the Trump plan was an "important victory for democracy."
"For weeks, Indiana residents have been pleading with their state leaders to stop mid-decade redistricting and the Senate listened," Harvey said. “Despite threats to themselves and their families, a majority of Indiana senators were steadfast in rejecting this gerrymandered map."
John Bisognano, president of the National Democratic Redistricting Committee, praised the Republicans who rejected the president's scheme despite enduring threats and harassment.
"Threats of violence are never acceptable, and no lawmakers should face violent threats for simply standing up for their constituents," Bisognano said. "Republicans in other states who are facing a similar choice—whether to listen to their constituents or follow orders from Washington—should follow Indiana’s lead in rejecting this charade and finally put an end to the national gerrymandering crisis."
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Senators Demand Trump Admin Come Clean on Plan to 'Quietly Kill' Social Security Offices
The lawmakers accused the Social Security Administration of "a slash-first, think-later approach," for which "beneficiaries will pay the price."
Dec 11, 2025
Leading Senate Democrats and Independent US Sen. Bernie Sanders this week pressed the Trump administration for answers following reports that the Social Security Administration is planning to dramatically reduce visits to its field offices.
"We write with concerns regarding recent reports that the Social Security Administration is reorganizing its field office operations, and has established a goal of cutting the number of field office visits in half—amounting to 15 million fewer visits annually," Sens. Elizabeth Warren (D-Mass.), Ron Wyden (D-Ore.), Kirsten Gillibrand (D-NY), and Sanders (I-Vt.) wrote in a letter to SSA Administrator Frank Bisignano.
"Given that beneficiaries are already waiting months for field office appointments, and the agency has not shared with Congress or the public on how it plans to achieve this goal, we are concerned that these efforts are in fact part of a plan to 'quietly kill field offices,' implementing a backdoor cut in benefits by making it harder for Americans to access the Social Security customer services they need," the senators said.
"The Trump administration has relentlessly attacked Social Security."
Earlier this month, Nextgov/FCW revealed that the Social Security Administration said in internal documents that it wants “no more than 15 million total” in-person visits to its field offices in fiscal year 2026—or about half the current number of such visits. An anonymous SSA staffer told the outlet that senior agency officials are aiming for “fewer people in the front door" and for "all work that doesn’t require direct customer interactions to be centralized.”
As Warren's office noted Thursday:
The Trump administration has relentlessly attacked Social Security. Under Commissioner Bisignano, the administration has implemented policy changes that make it harder for Americans to get their benefits, including by implementing burdensome in-person and bug-prone identification processes that force millions more beneficiaries to visit field offices each year—at the same time they are slashing SSA’s workforce by around 7,000 and closing regional offices.
Instead of staffing up to meet these needs, SSA’s field office capacity has significantly declined. Beneficiaries are being forced to wait hours to get help—only to be told they will need to call to schedule an appointment.
"We are concerned that your plan is to force beneficiaries onto SSA’s bug-prone website or push them into customer service phone tree 'doom-loops'—which will almost certainly result in delayed or missed benefits for some individuals," the letter adds. "Once again, you seem to have adopted a slash-first, think-later approach to 'modernizing' SSA, and beneficiaries will pay the price."
The senators are asking Bisignano if the reports of proposed SSA office visit reductions are accurate, and if so, how and when the plan will be implemented, how the agency will "provide services to beneficiaries that would otherwise go to field offices," and how the reductions will affect already lengthy wait times and service online users and callers to the agency's 1-800 number.
The lawmakers' letter comes as Republican senators on Thursday voted down a proposed three-year extension of Affordable Care Act subsidies, a move that is expected to result, on average, in a doubling of health insurance premiums for around 22 million people. Critics said the vote underscores the need for single-payer healthcare legislation like the Medicare for All Act reintroduced by Sanders and Reps. Pramila Jayapal (D-Wash.) and Debbie Dingell (D-Mich.) earlier this year.
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