Out With the Old, Slow With the New

The report finds that while CETP signatories have significantly reduced international public finance for fossil fuels, they have failed to scale up clean energy investment at a comparable rate.

• CETP signatories have largely fulfilled the pledge to stop funding fossil fuels, reducing international public finance for these sources by up to two thirds since signing the agreement, reaching USD 5.2 billion in 2023.
• Investment in clean energy has not increased at the same scale as the reduction in fossil fuel finance; in 2023, CETP members provided USD 21.3 billion in clean energy finance, representing only a 16% increase from the pre-CETP baseline.
• While most members adopted robust policies to reduce fossil fuel financing, some failed to update their policies, such as Portugal and the United States, or maintained significant loopholes, such as Switzerland and Italy.

APA

DeAngelis,, N. J. O. M. (2024). Out With the Old, Slow With the New. International Institute for Sustainable Development. https://www.iisd.org/publications/report/countries-underdelivering-fossil-clean-energy-finance-pledge

Chicago

DeAngelis,, Natalie Jones,Claire O'Manique,Adam McGibbon,Kate. Out With the Old, Slow With the New. International Institute for Sustainable Development, 2024. https://www.iisd.org/publications/report/countries-underdelivering-fossil-clean-energy-finance-pledge.

Wikipedia

{{cite report |last1=DeAngelis, |first1=Natalie Jones,Claire O'Manique,Adam McGibbon,Kate |title=Out With the Old, Slow With the New |publisher=International Institute for Sustainable Development |date=27 August 2024 |url=https://www.iisd.org/publications/report/countries-underdelivering-fossil-clean-energy-finance-pledge |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{deangelis2024out, author = {DeAngelis,, Natalie Jones,Claire O'Manique,Adam McGibbon,Kate}, title = {{Out With the Old, Slow With the New}}, institution = {International Institute for Sustainable Development}, year = {2024}, month = aug, url = {https://www.iisd.org/publications/report/countries-underdelivering-fossil-clean-energy-finance-pledge}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }