Statement: CETP signatories must stick to their commitment to fully prioritize international public finance for clean energy
One year into the implementation of the Clean Energy Transition Partnership (CETP), research shows that signatories have not yet fully shifted their financing into clean energy. On Energy Day at COP 28, a group of civil society organizations have released a statement calling on CETP signatories to stick to their commitment to prioritize financing for the clean energy transition.
Signatories to the Clean Energy Transition Partnership (CETP) committed to ending new direct public support for the international unabated fossil fuel energy sector by the end of 2022, and instead prioritize their support fully toward the clean energy transition.
However, recent IISD research reveals that while signatories to the CETP have made significant progress in cutting international public finance for fossil fuels, most countries and institutions have not yet matched these cuts with equal increases in support for clean energy. In 2022, signatories collectively reduced their fossil fuel financing by USD 6.5 billion compared with the 2019–2021 average, but put only an extra USD 5.2 billion into clean energy—and this increase was due to a small handful of signatories.
In the statement, the civil society organizations emphasize that CETP signatories have a critical opportunity to fulfill their commitment to fully prioritize international public finance for the clean energy transition in a just and equitable way that "does no significant harm."
The signatories of the statement call on the signatories to the CETP to
- set targets to increase the scale and quality of public support for the clean energy transition;
- direct international support to enabling clean energy subsectors, such as off-grid and distributed renewables for energy access, smart grids, and storage infrastructure;
- ensure that all clean energy financing is rights based, community led, gender sensitive, and implemented through democratic and participatory processes;
- update national and institutional policies and strategies to prioritize international support for clean energy in 2024; and
- annually report publicly on progress in increasing international public finance for clean energy.
Participating experts
You might also be interested in
Carbon Minefields: Oil and gas exploration surging to pre-Covid levels
Oil and gas exploration is booming despite an agreement at last year’s COP 28 climate summit to transition away from fossil fuels.
July Edition | Carbon Minefields Oil and Gas Exploration Monitor
In June 2024, six governments issued 18 oil and gas exploration licences with embodied emissions of 14.7 MtCO2, led by Russia and China.
Border Carbon Adjustments: Trinidad and Tobago country report
This report consolidates, analyzes, and presents views and perspectives of stakeholders from Trinidad and Tobago on border carbon adjustment (BCA) schemes to contribute to the global debate on BCA good practices.
Global Dialogue on Border Carbon Adjustments: The case of Brazil
This report consolidates, analyzes, and presents the views and perspectives of stakeholders from Brazil on border carbon adjustment (BCA) schemes to contribute to the global debate on BCA good practices.