Out With the Old, Slow With the New

(International Institute for Sustainable Development, Winnipeg, 27 August 2024) Countries are underdelivering on fossil-to-clean energy finance pledge. This report analyzes the progress made by Clean Energy Transition Partnership (CETP) signatories on shifting international public finance away from fossil fuels and into clean energy. It finds that although significant progress has been made on cutting finance for fossil fuels, signatories are not increasing renewable investment at the same scale. At the United Nations Climate Change Conference (COP) in November 2021, 39 countries and public finance institutions signed the Clean Energy Transition Partnership (CETP), a joint commitment to end international public finance for fossil fuels by the end of 2022 and prioritize international public finance for clean energy. To realize the CETP's transformative potential, new policies are needed to boost clean energy financing. All high-income signatories need to review and update their policies! The Financial Times notes that a group of more than 30 countries cut public funding for fossil fuel projects overseas by up to $15bn last year, a report has found, although the US has continued to pour billions into oil and gas finance.