The Clean Energy Transition Partnership (CETP) has today published its ‘Clean Energy Action Plan’, outlining bold steps for members and the Secretariat to take forward to enhance the quantity and quality of international public finance for clean energy into emerging markets and developing economies (EMDEs).

The transformative impact of the CETP is undeniable. Our members have collectively slashed their international public finance for fossil fuels by £10-15 billion, marking a two-thirds reduction from pre-CETP levels. With Norway and Australia joining the CETP at COP28 and significant progress at the OECD Export Credit negotiations, the CETP continues to make waves and play a pivotal role in the global energy transition.

However, to meet the global goals of tripling global renewable energy capacity and doubling the annual rate of energy efficiency improvements by 2030, more must be done to scale up support for clean energy. Globally, flows of finance for clean energy to EMDEs are critically insufficient, and we know public finance will play a particularly important role in these markets, where private finance is not yet stepping in to fill the gap.

Reaching the CETP’s full potential will require a concerted effort to raise ambition and address the challenges in mobilising international public support for clean energy. The entire financial system must evolve to respond to this decade-defining challenge and highlight where action is being taken forward proactively. The Secretariat has put forward this Action Plan to this end, following consultation with the members.

Climate Minister Kerry McCarthy said: “We have a mission to make Britain a clean energy superpower, but if we want to protect our country from energy shocks and the climate crisis, then we must show climate leadership to accelerate the global transition to secure and renewable energy.”

Rachel Kyte, the UK’s Special Representative for Climate Change continues, with: “This Action Plan underlines the urgency of scaling international public finance to support green growth and investment, better jobs and energy security as we tackle climate change.”

This work will align and compliment the work of the UK’s Global Clean Power Alliance, with a shared focus on delivering the COP28 global energy transition goals and scaling up investment in emerging markets and developing economies.

Find out more at the Public Finance in Action event at 13:00 – 14:00AZT (GMT+4) to hear how UK government and CETP members are advancing this clean energy mission and using key UK-led delivery mechanisms to accelerate the global energy transition.

CETP Clean Energy Action Plan 2025/6

Clean Energy Transition Partnership (CETP) members have committed to:

“Prioritise our support fully towards the clean energy transition, using our resources to enhance what can be delivered by the private sector. This support should strive to “do no significant harm” to the goals of the Paris Agreement, local communities and local environments.”

CETP members have made significant progress in transitioning finance out of unabated fossils since the establishment of the CETP[1] in 2021, and will maintain this focus and effort to help ensure robust and consistent implementation. Members have also already channelled more finance towards clean energy since the CETP was launched. One estimate from the International Institute for Sustainable Development shows that in 2022, CETP members were spending a total of $5bn more on clean energy than they were before the CETP launched.

However, given the same report estimates that members spent an average of $28bn on fossil fuels annually in the years leading up to the CETP, there remains significant room for more growth, particularly in light of the financing needs of meeting the COP28 goals on tripling of renewables deployment and doubling the annual rate of energy efficiency improvements by 2030. A recent IRENA report into the delivery of these goals found that despite record high investment into clean energy, investments in renewable capacity remain well below what is needed, and is significantly imbalanced globally – with Africa receiving less than 2% of global renewables investment. The same report, in addition to the IPCC, highlights the important role that public finance in particular will have in closing this gap and addressing global disparities – emphasising the critical role that CETP members have as enablers of the energy transition.

Reaching the CETP’s full potential will require a concerted effort to raise ambition and address the challenges in this area, and the Secretariat has developed this Action Plan in consultation with members to this end.

CETP Clean Energy Action Plan

Below are actions the CETP Secretariat and members will collaborate on throughout 2025 and 2026, to demonstrate the progress being made to scale up international public support for clean energy at COP29 and beyond. The Action Plan will utilise the scope and expertise of CETP members to improve the quality and quantity of international public finance for clean energy to support delivery of the commitment to prioritise our support fully towards the clean energy transition. This will also cement the CETP as a central mechanism for accelerating the global transition from fossil fuels to clean energy, to keep the 1.5C goal within reach.

1. Stepping up targeted and accessible international public support for clean energy across signatories to contribute to the global goals of tripling renewable energy capacity and doubling the annual rate of energy efficiency improvements by 2030.  The secretariat will work with members towards developing a joint CETP ambition for international public support for clean energy in Emerging Markets and Developing Economies (EMDEs), in the context of delivering global renewable and energy efficiency goals by 2030. We will consider how this can be implemented, as part of accelerating a wider shift in finance for the clean energy transition, including through developing financing strategies or shared principles and priorities that CETP members can adopt and advocate for.

2. Demonstrate the impact the CETP is delivering, both collectively and through the action of individual members, to help leverage further progress and enhance the understanding of the role for international public finance in the global clean energy transition.  We intend to work with members and partners to improve transparency around international public finance for clean energy and enhance communications around our collective impact and offer.

3. Supporting capacity building efforts, within the CETP and by collaborating across the international landscape, for example to support the development of clean energy financing strategies or support deployment of clean energy finance in EMDEs, by sharing best practices and recent successes, and working with other relevant initiatives in order to boost the support offer for EMDEs.

The CETP continues to play a central role in the international clean energy transition landscape and will work closely with other relevant initiatives and coalitions

At COP28 a global consensus was reached on the need to transition away from fossil fuels for the first time, alongside the target to triple renewables deployment and double energy efficiency. The CETP bridges both agendas at a global level while bringing together a unique and diverse range of countries and institutions focused on mobilising international public finance for this transition.

We will collaborate with initiatives involved in all aspects of financing the clean energy transition to maximise the CETP’s impact in terms of mobilising greater flows of other forms of finance, particularly in EMDEs. The CETP will work particularly closely with the Finance Mission of the Global Clean Power Alliance (GCPA), due to the shared focus on delivering the COP28 global energy transition goals and scaling up investment in EMDEs.[2]

Next steps

The Secretariat, with support from some expert-led research, will provide recommendations to members on specific actions that can be taken by individuals and the group across the areas above.

We will identify moments throughout 2025 and 2026 to communicate progress on the above publicly, with COP30 likely to be a key moment for this work.

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[1] Previously referred to as the ‘Glasgow Statement’

[2] Alongside this we are already engaging with many partners, including (among others): Export Finance for Future, the Energy Transition Council, the Global Renewables Alliance; the Global Offshore Wind Alliance; Breakthrough Agenda and the Power Breakthrough. We will also continue our collaboration with initiatives working on the transition away from unabated fossil fuels such as the Powering Past Coal Alliance and Beyond Oil and Gas Alliance, recognising the importance of simultaneously addressing both sides of the transition.