As G20 finance ministers and central bank officials prepare to convene in Washington this week (April 17-18), Ukrainian climate group Razom We Stand urges the G20 leaders to fulfil their prior commitments to expedite the transition to clean energy sources and support Ukraine's urgent reconstruction efforts.
The G20 Sustainable Finance Working Group (G20 SFWG) has laid out roadmaps aimed at accelerating the global shift to more economically advantageous clean energy sources. Razom We Stand calls on G20 finance ministers and central bank officials to stand up to their commitments under these roadmaps and take decisive action towards achieving a sustainable energy future.
According to a new analysis from the OCI, the G20 and MDBs provided $142 billion in international public finance for fossil fuels between 2020 and 2022, almost 1.4 times their support for clean energy in the same period ($104 billion). Global subsidies of fossil fuels in total were a shocking $7 trillion last year, according to the IMF. Despite the growing momentum to shift public finance away from fossils, a few bad actors, including the US, Japan, and Korea, are holding back progress.
Svitlana Romanko, Founder and Director of Razom We Stand, emphasized, "The war on Ukraine is a tragic reminder of what can happen from fossil fuel-funded dictators, and of the benefits for peace and stability that a durable shift to renewable energy would bring. As G20 finance ministers and central bank officials meet this week, urgent action is needed to fulfil commitments to clean energy transition and to support Ukraine's reconstruction efforts. These nations must close Russian fossil fuel export loopholes and stop investing in Russian fossil fuels completely to stop stocking Putin’s war chest. By doing this, they could save thousands of innocent Ukrainian lives and ensure energy security for years to come. The time for decisive action is now."
While India's measures to reduce the intake of Russian-sanctioned crude is a step in the right direction, more must be done. China and the EU remain primary buyers of Russian oil and gas, while Brazil, Argentina, and many other G20 countries have not yet imposed any sufficient bans on Russian fossil fuels. It is imperative to close Russia’s fossil fuel export loopholes and ensure unified enforcement measures.
Currently, Ukraine's Soviet-era centralised energy system is in a very fragile state, with 50 per cent of its infrastructure damaged by rocket and drone attacks. The investment requirements for reconstructing Ukraine's power sector, extensively harmed by Russian assaults, are estimated to be around $17 billion USD.
Recognising the urgent need for reconstruction in Ukraine, particularly in the wake of extensive damage to energy infrastructure, Razom We Stand calls for increased support for cheaper, decentralised, energy-efficient, renewable energy projects. These projects not only enhance energy security and resilience but also contribute to G20 climate goals and create high-quality jobs.
Now is the moment to demonstrate continuous commitment to upholding Ukrainian sovereignty and its energy security. We expect all G20 states to support the US and EU in these efforts, not hinder them behind the scenes, as recently reported by leading media.
Razom We Stand calls on G20 finance ministers and central bank officials to prioritize clean energy investments and support Ukraine's reconstruction efforts for a sustainable and resilient future.
ENDS
About Razom We Stand:
Razom We Stand is a Ukrainian organisation active internationally, calling for a total and permanent embargo on Russian fossil fuels and an immediate end to all investment into Russian oil and gas companies by phasing out fossil fuels globally.
Svitlana Romanko was recently quoted on the White House's official website in response to the Biden administration's decision to pause LNG exports and has appeared in top-tier international press, including Washington Post, CNN, NBC, Politico, Bloomberg, The Hill, Financial Times, The Guardian, Der Spiegel, and Le Monde; a detailed list is here.
For media inquiries or further information, please contact
Paraic Walker - [email protected]
International Communications Specialist Razom We Stand
