COP26 in Glasgow marked a breakthrough in terms of ending public support for fossil fuels. At the conference, 35 countries and four public finance institutions signed on to the to end international public finance – including export credit – for unabated fossil fuels by the end of 2022 and instead prioritize support for the clean energy transition. The signatories include big contributors to fossil fuel investment such as Canada, UK, USA, Germany and Italy. Glasgow Statement
This is a major achievement. If all 39 signatories meet the Glasgow Statement commitment, could be shifted away from fossil fuels. However, some countries have been backsliding on their COP26 commitment. They invested in gas and liquefied natural gas to replace Russian supply during the Ukraine war and secured ECA support for some major fossil fuel projects in the coming years. USD $19.4 billion per year
Three times a year, the OECD members meet to discuss guidelines for their ECAs. At the next meeting, governments have the opportunity to ensure a level playing field for ECAs by starting negotiations on ending all ECA support for fossil fuels.