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04.11.2021

Statement on International Public Support for the Clean Energy Transition

On the occasion of COP26, we the [undersigned] commit to the following actions to align our international public support towards the clean energy transition and out of unabated fossil fuels.

Our joint action is necessary to ensure the world is on an ambitious, clearly defined pathway towards net zero emissions, that is consistent with the 1.5°C warming limit and goals of the Paris Agreement, as well as the best available science and technology. These measures will help stimulate sustainable, resilient and inclusive economic development globally, and support a just transition for affected communities:

  1. We will 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. 
  2. Further, we will end new direct public support for the international unabated fossil fuel energy sector by the end of 2022, except in limited and clearly defined circumstances that are consistent with a 1.5°C warming limit and the goals of the Paris Agreement.
  3. We will encourage further governments, their official export credit agencies and public finance institutions to implement similar commitments into COP27 and beyond. This includes driving multilateral negotiations in international bodies, in particular in the OECD, to review, update and strengthen their governance frameworks to align with the Paris Agreement goals. For government signatories, this will also guide our approach on the boards of multilateral development banks. 

In committing to the above, we furthermore recognise:

  1. the findings of the Intergovernmental Panel on Climate Change (IPCC) and IEA net-zero analysis show that in the pathways consistent with a 1.5°C warming limit and the goals of the Paris Agreement, the global production and use of unabated fossil fuels must decrease significantly by 2030;
  2. that the accelerated alignment of international public and private sector financial flows is critical to driving energy transitions, energy access and supporting the development of both emerging and existing clean technologies, improving livelihoods and employment prospects worldwide;
  3. the progress, driven in part by enabling public finance investments, in reducing the costs of clean energy alternatives such as solar and wind power to become cheaper than unabated fossil fuels in almost every region of the world, revolutionising and transforming energy options and access;  
  4. that investing in unabated fossil-related energy projects increasingly entails both social and economic risks, especially through the form of stranded assets, and has ensuing negative impacts on government revenue, local employment, taxpayers, utility ratepayers and public health;
  5. the devastating impacts of the COVID-19 pandemic and the need to recover better and greener for a sustainable economic recovery that saves lives and improves livelihoods.

Signatories:

  1. Agence Française de Développement (AFD)
  2. Albania (Republic of Albania)
  3. Banco de Desenvolvimento de Minas Gerais (BDMG)
  4. Belgium (Kingdom of Belgium)
  5. Burkina Faso
  6. Canada 
  7. Costa Rica (The Republic of Costa Rica)
  8. Denmark (The Kingdom of Denmark)
  9. The East African Development Bank (EADB)
  10. El Salvador (Republic of El Salvador)
  11. Ethiopia (The Federal Democratic Republic of Ethiopia)
  12. The European Investment Bank (EIB)
  13. Fiji (The Republic of Fiji)
  14. Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO) 
  15. Finland (The Republic of Finland)
  16. France (République Française)
  17. Gabon (République Gabonaise)
  18. The Gambia (The Republic of The Gambia)
  19. Germany (The Federal Republic of Germany)
  20. Republic of Ireland 
  21. The Holy See (Vatican City State)
  22. Iceland
  23. Italy (The Republic of Italy)
  24. Jordan (Hashemite Kingdom of Jordan)
  25. Mali (The Republic of Mali)
  26. Marshall Islands (The Republic of the Marshall Islands)
  27. Moldova (The Republic of Moldova)
  28. The Netherlands (The Kingdom of the Netherlands)
  29. New Zealand 
  30. Portugal (Portuguese Republic)
  31. Slovenia (The Republic of Slovenia)
  32. Spain (Reino de España)
  33. South Sudan (The Republic of South Sudan)
  34. Sri Lanka (Democratic Socialist Republic of Sri Lanka)
  35. Sweden (Kingdom of Sweden Konungariket)
  36. Switzerland (The Swiss Confederation)
  37. UK (The United Kingdom of Great Britain and Northern Ireland)
  38. United States (The United States of America)
  39. Zambia (The Republic of Zambia)