This COP27 side event will be hosted in the Memphis room and streamed live on YouTube.

At COP26 in Glasgow, 34 countries and 5 institutions pledged to end direct international public finance for unabated fossil fuels by the end of 2022 and prioritize their public finance fully for the clean energy transition. This was the first international political commitment that focused on ending public finance for oil and gas in addition to coal. If countries and institutions follow through on their commitment, this will directly shift USD 28 billion a year out of fossil fuels and into clean energy, which would help shift even larger sums of public and private money. This shift is also critical to close the energy finance gap and increase climate finance, which is still not delivered at either the scale promised by rich countries ($100 billion a year from 2020) or needed.

Civil society representatives and the International Energy Agency have warned that the war in Ukraine and the compounding debt, climate, and energy price crises mean that now more than ever governments must prioritize public finance for reliable, affordable and clean energy and energy efficiency solutions.

With just one month left until the end of 2022 deadline, this event will hear from African, Asian, and Latin-American civil society leaders about how fossil fuel finance is impacting local communities and why shifting public finance out of fossil fuels, including fossil gas, and into a just energy transition is critical for meeting climate, energy security, and development goals; and discuss how to ensure that the COP26 promise to end international public finance for fossil fuels is turned into action. They will take stock of implementation efforts and both highlight the leaders delivering standard setting policies and expose the laggards. They will highlight the way forward for accelerating the finance shift and ramping up just and clean energy finance.

Agenda:

Keynote address by Vanessa Nakate;
Civil society, government and institution representatives present fossil fuel exclusion policies and efforts to shift public finance into clean energy;
Civil society speakers on the role of public finance in energy transition, sharing country and community level experiences ;
Discussion and Q&A
Closing remarks by Laurence Tubiana

COP27 Side Event: Progress on Glasgow Pledge to #StopFundingFossils