Putting Promises Into Practice

The report finds that while CETP signatories have made significant progress in restricting fossil fuel finance, they have lagged in scaling up clean energy support. In 2022, signatories shifted USD 6.5 billion out of fossil fuels but only USD 5.2 billion into clean energy. Most high-income signatories lack concrete, publicly available targets and strategies to 'fully prioritize' clean energy, and financing remains heavily concentrated in upper- and middle-income countries, with no low-income countries among the top 20 recipients between 2020 and 2022.

• Signatories have made significant progress in restricting international public finance for fossil fuels, but progress in scaling up clean energy finance is less clear.
• In 2022, the collective shift of finance from fossil fuels to clean energy was USD 6.5 billion out of fossil fuels and USD 5.2 billion into clean energy, which is small compared to the CETP's annual potential of USD 28 billion.
• Only two signatories—the European Investment Bank (EIB) and Denmark—shifted more international public finance into clean energy than they divested from fossil fuels in 2022 compared to their 2019–2021 average.
• International public finance for clean energy is heavily concentrated in wealthier nations; no low-income countries were among the top 20 recipients from 2020 to 2022.
• Most high-income signatories have not published updated clean energy policies or strategies that meet the ambition of the CETP commitment.
• A critical gap in clean energy policies is the lack of provisions to ensure financing is fair and transformative, specifically regarding concessional instruments, geographical prioritization for the poorest countries, and human rights safeguards.
• Clean energy financing is dominated by loans (77%), while grants make up only 1.7% of the total.
• While some institutions have robust policy elements, such as quantified targets at FMO, Bpifrance, AFD, and the Belgian Investment Company for Developing Countries, no single institution has a fully CETP-compliant policy.

APA

Jones, N., & Mun, B. (2023). Putting Promises Into Practice. International Institute for Sustainable Development. https://www.iisd.org/system/files/2023-11/putting-promises-into-practice-cetp-commitments.pdf

Chicago

Jones, Natalie, and Bokyong Mun. Putting Promises Into Practice. International Institute for Sustainable Development, 2023. https://www.iisd.org/system/files/2023-11/putting-promises-into-practice-cetp-commitments.pdf.

Wikipedia

{{cite report |last1=Jones |first1=Natalie |last2=Mun |first2=Bokyong |title=Putting Promises Into Practice |publisher=International Institute for Sustainable Development |date=November 2023 |url=https://www.iisd.org/system/files/2023-11/putting-promises-into-practice-cetp-commitments.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{jones2023putting, author = {Jones, Natalie and Mun, Bokyong}, title = {{Putting Promises Into Practice}}, institution = {International Institute for Sustainable Development}, year = {2023}, month = nov, url = {https://www.iisd.org/system/files/2023-11/putting-promises-into-practice-cetp-commitments.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }