New Data Shows US is Worst International Public Financier of Fossil Fuels in the G20 in 2025 

WASHINGTON — New research by Oil Change International and Friends of the Earth U.S. reveals that the United States is badly out of step with other G20 countries when it comes to ending their public finance for fossil fuels and prioritizing a cleaner, more affordable energy system. Across the G20 and the multilateral development banks (MDB), between 2023 and 2025, for the first time ever, international clean energy finance overtook fossil fuel finance. However, the United States is going against this trend by increasing its international fossil fuel finance in 2025 to over $8 billion from $1.4 billion in 2024, the most of any G20 country. Meanwhile, the United States’ clean energy finance was only $671.5 million in 2025.

The new factsheet, Tipping the Scales, shows the U.S. in 2025 ramped up their international fossil fuel finance, particularly through its agencia de crédito a la exportación, U.S. Export-Import Bank (US EXIM). In FY 2025, US EXIM financed nearly $8 billion in fossil fuel projects compared to $2.5 million for clean energy. This fossil fuel support included $4.7 billion for Mozambique LNG, despite an ongoing investigation into potential war crimes. In 2026, EXIM has approved billions more for fossil fuel projects and has pledged to give up to $7 billion for mining and energy projects in Argentina.

Public finance for fossil fuels from G20 countries’ development finance institutions (DFIs) and export credit agencies (ECAs) and MDBs averaged at least $36.3 billion a year between 2023 and 2025, compared to $52.7 billion for clean energy during the same time period. Still, clean energy finance is nowhere near the scale needed to deliver a globally just transition that keeps temperatures rise to as close as possible to below 1.5 degrees Celsius of warming, nor is it flowing to where it is most needed, with just 2% flowing to low-income countries.

Just a handful of countries are fueling fossil fuel lock-in. Together, Canada, Japan, the United States and Italy made up 75% of all of the G20’s fossil fuel finance. The factsheet has been released alongside updated energy finance data on energyfinance.org, and a first ever carbon capture and storage (CCS) and hydrogen subsidies database. 

Kate DeAngelis, Deputy Director, Economic Policy at Friends of the Earth U.S said: “The Trump Administration stands in stark contrast to the other G20 countries, which have collectively reduced their international fossil fuel finance. The United States is wasting taxpayer dollars on risky fossil fuel projects all over the world.” 

Contacto de prensa: Lindsay Tice, Amigos de la Tierra EE. UU.,  [email protected] 

NOTES FOR EDITORS:

• The data is also available for download on Oil Change International’s energyfinance.org database. The database tracks energy finance from governments’ export credit agencies (ECAs), development finance institutions (DFIs), national development banks (NDBs), the major multilateral development banks (MDBs) as well as domestic carbon capture and storage (CCS) and hydrogen subsidies. 
• Our data is free and publicly available to make sure G20 governments can be held accountable to their promises to build a livable and just future.