Ending international fossil fuel finance: Lessons from the Clean Energy Transition Partnership

Abstract

This brief analysis examines the Clean Energy Transition Partnership (CETP) established at COP26, which aims to end public finance for international fossil fuel projects. While the CETP has corresponded with a reduction in foreign fossil fuel investment from its signatories, we argue that the partnership maintains key shortcomings, including the continuity of massive domestic fossil fuel subsidies within wealthy signatory countries. Using Australia as the stand-out example, our analysis highlights the paradoxical nature of this situation, and concludes by advocating for the CETP to include the elimination of domestic finance in its remit to ensure a genuine commitment to a global clean energy transition.