[JUST IN] COP27: Japan lead in first ‘fossil finance

FOLLOWING its heavy financial commitment to Climate Change finance, Japan yesterday took the lead amongst other countries to clinch the global leadership position in the fight to support fossil fuel finance.

Today is Finance Day at the ongoing COP27, which makes it the perfect time to reflect on the climate-related financial flows of the world’s rich countries. And no country’s finance is flowing more than Japan’s – but in the completely wrong direction.

Japan is the world’s largest public financier for oil, gas, and coal projects, contributing $10.6 billion USD per year on average between 2019 and 2021. Despite international recognition that meeting the 1.5℃ goal means ending investment in fossil fuels, the Japanese government is making huge efforts to export false solutions to other countries such as using ammonia for coal fired power plants, which just meant to extend the life of coal power beyond 2030.

As you may or may not have even noticed, PM Kishida didn’t come to the Leaders Summit here in Sharm. Maybe he was too busy promoting false solutions in Japan?

In a year of unprecedented climate disasters, with vulnerable communities all over the world suffering from the impacts of climate change, Japan’s public finances are flowing into the fossil fuel projects responsible for this destruction rather than going towards financing the loss and damage caused by its own greenhouse gas emissions.