Australia is joining at least 39 other countries and organisations, including the US, the UK, Canada, and Fiji, in aligning international investment policies with net zero priorities.
According to the Federal Government, the partnership emphasises the global commitment to a net zero economy and the alignment of global finance objectives of the Paris Agreement.
The UK launched the Statement on International Public Support for the Clean Energy Transition, also known as the ‘Glasgow Statement’ or ‘CETP’, during COP26 in 2021.
“Dealing with this threat means making smarter, more targeted investments across our region,” Minister Wong stated.
“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,” she continued.
Minister for Climate Change and Energy Chris Bowen commented, “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.”
Minister Bowen stated that the Federal Government is proud to collaborate with the US, UK, and Pacific partners, including Fiji, to promote international public support for clean energy transformation.
“The Albanese Government is demonstrating its commitment to driving down emissions and driving up reliable clean energy by signing the CETP,” Assistant Minister for Climate Change and Energy Senator Jenny McAllister said.
Senator McAllister stated that Australia is investing in technology that will provide cheaper, cleaner, and more reliable energy for Australia, the Pacific, and the Indo-Pacific region.
“Our renewable energy transformation is not just important for our country; it is important for our region.”