At the global United Nations Climate Change Conference (COP) in Glasgow in November 2021, 34 countries and five public finance institutions signed a joint commitment to end international public finance for fossil fuels by the end of 2022 and instead prioritize international public finance for clean energy: the Clean Energy Transition Partnership (CETP), also known as the Glasgow Statement on International Public Support for the Clean Energy Transition. Full implementation of the CETP has the potential to shift USD 28 billion per year from fossil fuels to clean energy.Signatories have made significant progress in meeting the commitment to end international public finance for fossil fuels, although there is still lots of work to do. However, there has been comparatively little attention on the corresponding commitment to “fully prioritize” support for the clean energy transition.1 Delivery on this part of the commitment is particularly important to show that the initiative is not just about ending fossil fuel finance but also about shifting this support into real solutions. Moreover, fulfilling the clean energy commitment is important to catalyze fair, effective, and increased investments into renewable energy and the transformation of energy systems and to maintain the CETP’s credibility and momentum.This is also critical to meeting climate goals: according to the International Energy Agency and the International Renewable Energy Agency, global renewable energy capacity needs to triple by 2030 to maintain a chance of limiting global warming to 1.5°C, and public finance plays a central role in meeting this objective. With countries expected to secure an agreement at COP 28 to triple global renewable energy capacity and double the rate of energy efficiency improvements by 2030, the availability of finance will be key to the credibility and implementation of such a commitment.
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