Thread by @LaurievdBurg

🧵 🇯🇵, the world’s 2nd largest provider of public finance for fossil fuels, just committed to #StopFundingFossils at the @G7! If it follows through, this will directly shift $11 bn/yr out of fossil fuels & into clean. [1/9]

JP was the only @G7 member that hadn't yet signed up to the same commitment @ the global climate conference in Glasgow last yr. The G6 have now succeeded in bringing 🇯🇵 on board. See our briefing with @IISD_news @AsianPeoplesMvt, @FoEJapan, @foe_us: priceofoil.org/2022/05/24/fac…. [2/9]

Importantly, the @G7 make this commitment “to advance national security interests” and accelerate the international clean energy transition, which they recognize requires “phasing out continued global investment in the unabated fossil fuel sector”. [3/9]

For the @G7 members that had already agreed to #StopFundingFossils the reiteration of their commitment to shift public finance is important as some of them have recently shown worrying signs of backsliding by pursuing new gas investments. [4/9]

Earlier this week @PriceofOil’s @esbast, @Germanwatch’s @christophbals & @FoEJapan’s Kanna Mitsuta called on the @G7 to seize their opportunity to shift public finance from conflict-fueling gas into clean energy: news.trust.org/item/202205250…. [5/9]

They said: With the fossil-fueled war in 🇺🇦 & ever-worsening climate crisis, there is only 1️⃣ effective @G7 response: ending public finance for fossils & prioritizing energy efficiency & renewables to accelerate the transition to a more secure, sustainable & peaceful future [6/9]

It's critical that the @G7 now match words to action. Ayumi from @FoEJapan says: “JP has a bad track record of implementing its commitments. The @G7 committed to end int’l public finance for coal power by the end of 2021, but 🇯🇵 still wants to support 2 new coal projects.” [7/9]

The @G7 have a critical opportunity to shift their $33 billion a year in public finance for fossil fuels to the clean energy solutions that are needed to effectively address the compounding war, debt, climate & energy price crises. [8/9]

Today’s communique is an important step, the @G7 now need to follow through. Read our joint @PriceofOil & @FoEJapan reaction: bit.ly/38oLajX. [9/9]