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New report shows that between 2020 and 2022, G20 governments and the multilateral development banks (MDBs) provided $142 billion in international public finance for fossil fuels, almost 1.4 times their support for clean energy in the same period.
The US and a handful of other bad actors are blocking a just transition to renewable energy with outsized financial support for fossil fuels.
U.S. single biggest violator of CETP pledge, approving the most fossil fuel projects of any signatory for a total of almost USD $2.3 billion.
Rich countries have continued to approve USD 4.4 billion in international public finance despite committing to end this support by the end of 2022. Six countries including the United States, Germany, Italy and Japan have at least 26 fossil fuel projects awaiting approvals, with Germany having the biggest number of projects pending.
Italy’s far -right government has broken a major climate pledge to end public financing for international fossil fuel projects.