The amount of public money flowing to international fossil fuel projects fell by 78% last year in countries that have signed up to the Clean Energy Transition Partnership (CETP), new research shows.
Launched at Cop26 in 2021, the CETP has 40 signatories – 35 countries and five public finance institutions – which committed to shifting public finance from fossil fuels to renewables.
According to a report by the International Institute for Sustainable Development (IISD), significant progress has been made, with a 78% fall in the amount of public money flowing to fossil fuels in 2024, compared to 2019-2021 levels.
““The CETP has set a new global norm, with billions in international public finance permanently shifting away from fossil fuels,” said Adam McGibbon of the NGO Oil Change International, which contributed to the report. “The more the CETP succeeds, the more isolated the remaining countries outside of it appear. It’s time for the remaining laggards to get on board.”
While CETP has driven a massive reduction in fossil fuel financing, progress on clean energy finance is far slower, said the IISD. It also warned of backsliding by countries, especially in the wake of the US pulling out of the CETP in February.
Image: Jakub Zerdzicki
