Global Progress in Reducing International Fossil Fuel Financing: CETP Analysis and Policy Tracker

Global Coalition Continues to Reduce Fossil Fuel Financing Despite U.S. Withdrawal

In a time where the world is facing unprecedented climate challenges, a global coalition of countries is making strides in reducing international fossil fuel financing. Despite the U.S. withdrawal from the Clean Energy Transition Partnership (CETP), recent data shows that public funding for fossil fuel projects has dropped by two-thirds since 2019.

Norway and Australia have fulfilled their commitments to end international fossil fuel financing, while Spain and Sweden have strengthened their existing restrictions. However, Germany has emerged as the primary violator of the CETP agreement, raising concerns as a new government takes office.

The Clean Energy Transition Partnership, forged at the 2021 COP26 UN Climate Summit in Glasgow, aims to end taxpayer finance for international fossil fuel projects and prioritize public finance for clean energy. Recent analysis by Oil Change International shows that the partnership is working, with international fossil fuel finance falling significantly among signatories.

Despite the progress in reducing fossil fuel financing, there is a need for signatories to increase their clean energy finance to match their commitments. The CETP policy tracker shows that several countries have taken steps to end taxpayer finance for fossil fuel projects, while others have violated their pledges by financing new projects.

As the world grapples with the impacts of climate change, it is crucial for countries to stand by their commitments to tackle the climate crisis. The International Energy Agency’s CEO emphasizes the importance of transitioning to renewable energy to meet climate goals and ensure energy security and affordability.

Adam McGibbon, Campaign Strategist at Oil Change International, highlights the success of the CETP initiative in reducing fossil fuel finance and calls on signatory governments to stay committed to the cause. The transition to clean energy is essential in addressing the climate crisis and ensuring a sustainable future for all.
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