Parliamentarians call for G7 to lead fossil fuel phaseout at Italy summit

BARI, Italy, 13 June 2024 — In a powerful call to action on the eve of the G7 summit, Members of Parliaments from around the world gathered here yesterday to call on the world’s richest economies to phase out fossil fuels and fast-track renewable energy.

Over 50 parliamentarians have signed on to a statement demanding a full, fast, fair, and funded transition away from coal, oil, and gas, and holding the G7 accountable. This statement comes on the heels of the fourth hearing of the Global Parliamentarians' Inquiry into the Progress of Fossil Fuels Phase Out, highlighting the urgency for action.

“The final session of the Global Parliamentarians’ Inquiry into a Fossil Fuel Phase Out demonstrates a shared commitment to the urgent task of tackling the climate crisis with the scale, solidarity, and urgency it demands,” said US Senator Ed Markey. “On the eve of the G7, this commitment is more critical than ever. The G7 countries account for more than a quarter of current global oil, gas, and coal production but have the capacity and responsibility to phase out fossil fuels. As parliamentarians, we will continue to push for a cleaner, healthier, and more just future.”

G7 Funding Fossil Fuels Over Clean Energy

The largest economies continue to bankroll the climate emergency and shirk from their duty to fast-track clean energy. G7 countries prioritize fossil fuels over clean energy, with a staggering $25.7 billion pumped into fossil fuel projects annually, compared to a mere $10.3 billion in clean energy. Additionally, G7 countries provided a shocking $200 billion in fossil fuel subsidies in 2022, while major G7-based banks financed a staggering $700 billion in fossil fuel projects last year alone.

“The G7's continued financing of fossil fuels is a blatant contradiction of their climate commitments and the Paris Agreement,” said Canada Senator Rosa Galvez. “They have the power and responsibility to lead the global phaseout, and have prioritized energy transition in their Leader’s Summit, yet they're backtracking on their own promises.”

Developing Nations Demand Action

“The historic decision at the COP28 climate conference in Dubai to ‘transition away from fossil fuels’ has seemed to become little more than a faint memory. The world must seize the moment to phase out fossil fuels for good, and G7 countries can and must lead by example,” said Tanzania MP Nusrat Hanje.

“We have made some progress but we have work to do at COP29 in Baku & COP30 in Belem. We need to hold the G7 to account. We need to move from billions to trillions in climate finance, including the energy transition,” said Bangladesh MP and Minister of Environment, Forests and Climate Change Saber Chowdhury.

“Vulnerable countries and communities cannot afford to wait for 2050 for the G7 to commit to a fossil fuel phaseout and a rapid transition to renewable energy systems. These countries must also uphold a just transition, scale up their delivery of climate finance, and strengthen their Nationally Determined Contributions,” said Zambia MP Anthony Kasandwe.

A Call to Seize the Moment

“The recent G7 communiqués are widely perceived as inadequate, replete with loopholes and their countries have continued to renege on their commitments. We cannot afford to be unambitious. We have to act now,” said Philippines MP Raoul Manuel.

“The G7 plays a very big role to fund climate action including renewables. But how much of this money is reaching the hotspots? Can we listen to each other to find a way forward for humanity?” asked Uganda MP Lawrence Biyika Songa.

“G7 countries just don’t want to walk the talk. We need to engage finance ministries and be involved in budget discussions. We need to work with civil society more,” said Sierra Leone MP Rebecca Yei Kamara.

Launching the Amazon Inquiry

The hearing was held back to back with a preview of the Global Parliamentarians’ Inquiry for a Fossil-Free Amazon, which aims to pressure governments, public institutions and corporations within and working in the region to scale up pledges and actions to stop oil and gas expansion in the world’s largest rainforest.

“It is urgent that we protect the Amazon from industrial activity and global warming. We must therefore phase out fossil fuels in the region and globally. Oil and gas production in the region has caused not only environmental degradation but also social destabilization, health impacts, human rights violations, and corruption. We need to find out who funds and who benefits from the exploration, and we need to make them accountable,” said Brazil MP Livia Duartee, who hails from Belem.

“Through the new Amazon inquiry, we aim to investigate progress in the fossil fuel phaseout in the Amazon region and explore opportunities for phasing in renewable energy in a just and equitable manner,” said Bolivia Senator Cecilia Requena.

A recent study shows that from 2016 to 2023, 38 of the world's 60 largest banks have financed oil and gas exploitation in the Amazon to the tune of $11.15 billion. Twenty-four of the 38 banks are from the G7 and have bankrolled 80% of the total.

Brazil MP Livia Duarte, Bolivia Senator Cecilia Requena, and Canada Senator Rosa Galvez led the media launch in Bari. They are joined in the Amazon inquiry committee by Brazil MPs Célia Xakriabá and Ivan Valente, Colombia MPs Andres Cancimance and Juan Carlos Lozada, Ecuador MP Jahiren Noriega, and Peru MPs Sigrid Bazan and Ruth Luque.

The inquiry will be formally launched in August, the first-year anniversary of Ecuador's popular consultation vote to stop and ban oil exploitation in Yasuní National Park in the Amazon. Hearings and other related activities will be held from 2024 to 2025, with the outcomes scheduled to be presented prior and during COP30 in Belem.