The Clean Energy Transition Partnership (CETP) is delighted to have welcomed Australia and Norway as its latest signatories on Energy and Industry Day at COP28.
Kushla Munro, Head of International Climate and Energy at the Australian Department of Climate Change, Energy, the Environment and Water, and Terje Aasland, Minister for Petroleum and Energy, Government of Norway officially confirmed their membership of the CETP at today’s event at COP28, hosted at the UK Pavilion. Australia and Norway join the 39 signatories which have signed the CETP since its launch at COP26 in Glasgow.
In committing to the CETP, the two countries have pledged to transition international public support away from unabated fossil fuels, and to scale up support for the clean energy transition.
This significant commitment from both countries at this year’s COP highlights the growing momentum behind the CETP and the role of international public finance in accelerating the clean energy transition. We look forward to working closely with the newest members of our signatory group.
Chris Bowen, Minister for Climate Change and Energy, Australia, said: “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.”
These remarks were echoed by Kushla Munro, speaking at today’s CETP event, who also noted the opportunity to partner with and learn from others when joining the CETP group.
Norway’s commitment was first officially announced by Prime Minister Jonas Gahr Støre during his speech at COP28 on Sunday 3rd December.
Minister Aasland reiterated Norway’s commitment at today’s CETP event, stating: “We need a global effort to ensure that all financial flows, both public and private, are consistent with a pathway to a low emission, climate resilient world.
“Norway will prioritise our public climate finance to lower the cost of capital and mobilise private investment. We will align our international public support towards the clean energy transition.”
Minister Aasland also highlighted that Norway is strengthening the guidelines for its Export Credit Agency, Eksfin, so that financing of oil and gas projects are in line with the Paris Agreement and 1.5C target, Norwegian embassies will also facilitate activities with industry focusing on renewable energy and low emissions technologies.
Once again, we offer both Australia and Norway a warm welcome to the CETP and congratulate them on their commitment to the clean energy transition. Both countries now have a year to implement the CETP commitments, and will be actively supported by the existing signatories.
Look out for a full write up from today’s Powering Up Clean Energy CETP event at COP28 on our news page.