Australia vows to end public finance for fossil fuels at COP28

Chimney smoke stacks from fossil fuels (IEA)
Image: Shutterstock

Australia has joined 39 other countries in signing the Statement on International Public Support for the Clean Energy Transition Partnership (CETP) at COP28, which will see the end of direct public finance for unabated fossil fuels overseas within 12 months’ time.

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The Statement on International Public Support for the Clean Energy Transition—more commonly referred to as the ‘Glasgow Statement’ or ‘CETP’—was launched by the United Kingdom at COP26 in 2021.

Minister for Climate Change and Energy Chris Bowen said, “After a decade of denial and delay, Australia is finally being taken seriously as a constructive international trading partner and investor determined to take meaningful action on climate change.

“Signing up to the CETP demonstrates Australia’s ambitions to play an active role in building a net zero economy, while aligning our international investments with the goals of the Paris Agreement.

“The Albanese Government is proud to stand alongside the US, UK and our Pacific partners including Fiji to support the transition of international public support towards the clean energy transformation.”

Other CETP signatories include the United States, Canada and the United Kingdom in addition to a number of EU member states.

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If every signatory meets their commitment, it could channel more than $19 billion per year from fossil fuel abatement into renewable energy, according to a recent study from the Institute of International Development.

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