Norway and Australia set out implementation of their membership of the Clean Energy Transition Partnership (CETP), one year on from becoming new members at COP28

Norway and Australia have now published cross-government and department guidance for aligning all international public support towards clean energy and out of fossil fuels, joining the CETP’s 39 other members doing the same since the launch in Glasgow.

Norway

Norway’s policy applies to all departments, agencies and public corporations supplying support in scope of the CETP, and will see both finance and business promotion activities that are not aligned with Norway’s clean energy goals end, except in clearly defined circumstances in line with the 1.5C warming limit and the goals of the Paris Agreement.

Highlighting mechanisms across Norfund, Eksfin, and Innovation Norway to mobilise investment into renewable energy, Norway is confirming its commitment to not just end international public support for unabated fossil fuels, but to fully align public and development finance with the clean energy transition. 

Please find more detail on Norway’s implementation guidelines here.

Australia

As a member to the CETP, the Australian Government has now set a clear direction for the alignment of international public support with the clean energy transition. From the 5 December 2024, Australia will not finance new international unabated fossil fuel energy sector projects, except in limited and clearly defined circumstances outlined in the Guidelines.

This builds on a substantive and existing framework already in place, including recent amendments to the Export Finance and Insurance Corporation (EFIC) Act, which now requires EFA to have regard to Australia’s obligations under the Paris Agreement and emissions reduction targets, and Australia’s commitments under the CETP. Please find the announcement with further detail on the website of Australia’s Government Department of Foreign Affairs and Trade, and the full implementation guidance here.

These developments are the result of a year of work and commitment on the behalf of both countries, including our in-person workshops convening people from a wide range of departments in both countries. We look forward to continuing to work with both Norway and Australia on scaling up their finance into clean energy, and enhancing the CETP’s leadership as a mechanism for ending public finance for fossil fuels.