Out With the Old, Slow With the New

The report finds that while international public finance for fossil fuels from CETP signatories has decreased significantly, there has not been a corresponding increase in clean energy finance. Many signatories lack quantitative targets or comprehensive policies to prioritize clean energy, and some high-income countries continue to violate the pledge by financing fossil fuel projects.

• International public finance for fossil fuels from original CETP signatories decreased by between USD 10 billion and 15 billion in 2023 compared to the 2019–2021 annual average, totaling at least USD 5.2 billion in 2023.
• Clean energy finance from CETP signatories has not increased proportionally to the decrease in fossil fuel finance; 2023 financing totaled USD 21.3 billion, which is a decrease from USD 26 billion in 2022 and only a 16% increase over the 2019-2021 average of USD 18.4 billion.
• The United States is identified as the largest violator of the CETP commitment, providing USD 3.2 billion for 10 overseas projects and nearly USD 100 million for one domestic project after the 2022 deadline.
• Other significant violations of the CETP commitment after the implementation deadline include Switzerland (approximately USD 1.4 billion for 5 projects), Italy (USD 1 billion for 4 projects), and Germany (nearly USD 1 billion).
• Clean energy finance from CETP signatories is primarily directed toward upper- and upper-middle-income countries; the top three recipients in 2023 were Spain, Poland, and the United States.
• A majority of international clean energy finance to low- and lower-middle-income countries (83% from 2020 to 2022) was provided as loans, which risks increasing the debt burden on Global South countries.
• While eight original signatories have policies that end fossil fuel support, others have significant gaps: the US and Portugal have not published policies, and six others (Belgium, Netherlands, Spain, Switzerland, Germany, and Italy) have policies that do not yet meet the CETP pledge.
• Signatories are failing to prioritize clean energy due to a lack of ambitious policies; only six institutions have announced quantified clean energy targets, and only five mention 'just transition' in their policies.

APA

Jones, N., O’Manique, C., McGibbon, A., & DeAngelis, K. (2024). Out With the Old, Slow With the New. International Institute for Sustainable Development. https://www.iisd.org/system/files/2024-08/countries-underdelivering-fossil-clean-energy-finance-pledge.pdf

Chicago

Jones, Natalie, Claire O’Manique, Adam McGibbon, and Kate DeAngelis. Out With the Old, Slow With the New. International Institute for Sustainable Development, 2024. https://www.iisd.org/system/files/2024-08/countries-underdelivering-fossil-clean-energy-finance-pledge.pdf.

Wikipedia

{{cite report |last1=Jones |first1=Natalie |last2=O’Manique |first2=Claire |last3=McGibbon |first3=Adam |last4=DeAngelis |first4=Kate |title=Out With the Old, Slow With the New |publisher=International Institute for Sustainable Development |date=August 2024 |url=https://www.iisd.org/system/files/2024-08/countries-underdelivering-fossil-clean-energy-finance-pledge.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{jones2024out, author = {Jones, Natalie and O’Manique, Claire and McGibbon, Adam and DeAngelis, 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/system/files/2024-08/countries-underdelivering-fossil-clean-energy-finance-pledge.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }