FLASH: Italy's SACE considering fossil fuel projects with 3.5 X Italy's annual emissions

(Oil Change International, Washington, 30 November 2022) Despite pledging to stop international financing for fossil fuel projects by the end of 2022, new analysis shows that the Italian Government is continuing to actively consider financing for major international fossil fuel projects. Taken together, these fossil fuel projects in could emit or enable greenhouse gas emissions equivalent to at least 3.5 times Italy’s annual emissions.  In the period 2019-2021, Italy provided USD 2.8 billion a year in public finance for fossil fuels, almost entirely via SACE. Bloomberg notes that SACE has also been among the biggest backers of Russian oil, gas and petrochemical development in the last several years. Not included is another known fossil fuel project being considered by SACE - the Balikpapan refinery in Indonesia. Recommon notes: “While Italy has publicly committed to stop financing fossil fuel projects, it has tried several times to weaken the pledge to stop export credit support for fossil fuel projects. With less than one month to go until the end of 2022, there is still no sign of implementation of the Glasgow Statement.