At the COP26 summit in 2021, 39 countries and public finance institutions, including Canada, the UK, France, and the European Investment Bank, pledged to end their financing of fossil fuels. A year after the deadline, the signatories appear to have made substantial progress in reducing their funding for oil and gas, according to a new report by the International Institute for Sustainable Development (IISD).
Since 2021, the signatories have reduced their support for the oil and gas sector by two-thirds, down to $5.2bn in 2023, which the IISD sees as a sign that the pact is working.
However, the report warns that less progress has been made in increasing clean energy subsidies. In 2023, CETP members provided $21.3bn for clean energy, an increase of just 16% from the 2019–2021 baseline and less than the $26bn allocated in 2022.
The report also highlights a disparity in funding…
