The quantity of public cash flowing to worldwide fossil gasoline initiatives fell by 78% final yr in international locations which have signed as much as the Clear Power Transition Partnership (CETP), new analysis reveals.
Launched at Cop26 in 2021, the CETP has 40 signatories – 35 international locations and 5 public finance establishments – which dedicated to shifting public finance from fossil fuels to renewables.
In accordance with a report by the Worldwide Institute for Sustainable Growth (IISD), vital progress has been made, with a 78% fall within the quantity of public cash flowing to fossil fuels in 2024, in comparison with 2019-2021 ranges.
““The CETP has set a brand new world norm, with billions in worldwide public finance completely shifting away from fossil fuels,” stated Adam McGibbon of the NGO Oil Change Worldwide, which contributed to the report. “The extra the CETP succeeds, the extra remoted the remaining international locations outdoors of it seem. It’s time for the remaining laggards to get on board.”
Whereas CETP has pushed a large discount in fossil gasoline financing, progress on clear power finance is much slower, stated the IISD. It additionally warned of backsliding by international locations, particularly within the wake of the US pulling out of the CETP in February.
Picture: Jakub Zerdzicki
