While we’re deep in a climate crisis, it looks like certain countries, including the U.S., are still happily stashing billions into the fossil fuel piggy bank overseas. Talk about mixed signals!
In a jaw-dropping revelation, Oil Change International (OCI) served the tea, stating that nations such as the U.S., Germany, and Italy, among others, have poured a cool $4.4 billion into foreign fossil fuel initiatives. And they’ve done this even after making a song and dance about halting such public financing by the end of last year.
Diving into the deets, the U.S. alone has funneled $1.5 billion into four projects in Indonesia, Poland, Singapore, and South Africa. And they’re not done yet! Six more projects in places like the Bahamas and Iraq are still on the pending list. Germany and Japan aren’t sitting on their hands either, funding projects from Bangladesh to Russia.
Now, here’s the kicker: All of this is happening in the shadow of the Glasgow Statement from the COP26 summit, where countries solemnly vowed to kick their fossil fuel financing habit. Seems like some are suffering from pledge amnesia.
OCI’s Claire O’Manique didn’t mince words, calling out the U.S., Italy, and Germany for “going rogue”. She argues that public funds should be lighting the path to renewables, not igniting further climate chaos. While some countries have kept their word, redirecting billions towards clean energy, others clearly need a reminder of their promises.
And the frontline communities? They’re feeling the burn, literally and figuratively. Peter Bosip from Papua New Guinea outlines the daily struggles of his people against climate change-induced challenges. Meanwhile, Anabela Lemos from Mozambique is calling out rich nations for pushing developing countries down the treacherous fossil fuel path.
Back in the U.S., John Beard from Texas sends a stark message to global investors: The community is drowning in toxic pollution and enough is enough. The fossil fuel industry’s riches come at the expense of marginalized communities, and it’s time to champion the shift to green energy.
To give context, this bombshell report drops just as scientists are sounding louder alarms, declaring this summer the hottest on record and noting the alarming spikes in greenhouse gases.
But there’s a glimmer of hope. Climate warriors are gearing up for a massive rally in New York City on September 17th, demanding an end to the fossil fuel era. It’s a prelude to the U.N. Secretary-General’s Climate Ambition Summit and November’s COP28.
The message is loud and clear: It’s time for nations to walk the talk. Our planet can’t afford any more broken promises.