Australia, Policy, Renewables, Solar, Uncategorised

Farewell fossil fuel: Australia joins global clean energy transition

The Australian Government has recently joined a global partnership committed to halting the allocation of billions of dollars in foreign aid and loans for fossil fuel expansion.

The Albanese Government announced its participation in the Clean Energy Transition Partnership (CETP) at the Cop28 climate summit on Tuesday, December 5.

At least 39 countries and institutions have joined the partnership, including the United States, the United Kingdom, Canada and Fiji, to align international investment strategies with net zero priorities.

An agreement was first reached in Glasgow two years ago, and now the CETP aims to establish new rules to terminate international financing of fossil fuels across the OECD, committing signatories to phasing out their offshore support for coal, oil, and gas.

Foreign Affairs Minister Penny Wong stated that it is a step toward aligning Australia’s position on international financing with Pacific countries.

“Climate Change represents the greatest threat to the livelihoods, security, and wellbeing of the peoples of the Pacific. Dealing with this threat means making smarter, more targeted investments across our region,” Wong said.

“That’s why we’re already contributing at least $350 million in climate infrastructure for the region, including $75 million for a program for off-grid and community-scale renewable energy in remote and rural parts of the Pacific.”

“Joining the CETP further aligns our international public support with Pacific priorities.”

In a statement before departing for Cop28 in the United Arab Emirates, Climate Change and Energy Minister Chris Bowen claimed that it demonstrates Australia is “finally being taken seriously as a constructive international trading partner and investor determined to take meaningful action on climate change.”

“Signing up to the CETP demonstrates Australia’s ambitions to play an active role in building a net-zero economy while aligning our international investments with the goals of the Paris Agreement,” Bowen said.

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