Full Title: Promise Breakers: Assessing the impact of compliance with the Glasgow Statement commitment to end international public finance for fossil fuels
Author(s): Adam McGibbon, Bronwen Tucker, Laurie van der Burg, Claire O’Manique, Nina Pušić and Nicole Rodel
Publisher(s): Oil Change International
Publication Date: March 15, 2023
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The Glasgow Statement, a joint commitment forged at the UN climate summit in 2021, is shifting an estimated USD 5.7 billion per year in public finance out of fossil fuels and into clean energy, with the potential of much more if additional signatories fulfill their commitment. This was the first international political commitment to address public finance for oil and gas, moving beyond an exclusive focus on coal. The Statement was arguably one of the most concrete achievements of the COP26 summit.
Signatories agreed to end their international public finance for fossil fuels by the end of 2022. In this report, we demonstrate which countries have kept their commitment, what the real-world impact of the Glasgow Statement has been thus far, and outline opportunities and recommended priorities for the initiative for 2023.