The CETP , established at the 2021 United Nations Climate Change Conference ( COP 26 ), saw 39 countries and public finance institutions pledge to end public finance for fossil fuels internationally .

As of 2023 , most signatories , including Canada , the United Kingdom , France , and the European Investment Bank , honoured this commitment , collectively reducing fossil fuel finance by up to two-thirds compared to the 2019 – 2021 baseline . In 2023 , only US $ 5.2 billion was

directed towards fossil fuels , demonstrating the impact of the pact .

However , the report reveals that progress on clean energy investment has been less robust . CETP members allocated US $ 21.3 billion to clean energy in 2023 , marking just a 16 per cent increase from the 2019 – 2021 baseline and a decline from the USD 26 billion recorded in 2022 .

Most of this finance was directed towards developed nations , with Spain , Germany , and Poland being the top recipients . Alarmingly , 83 per cent of the clean energy finance for lower-income countries was provided as loans , exacerbating the ongoing global debt crisis .

The report ’ s lead author , Natalie Jones of the International Institute for Sustainable Development , praised the reduction in fossil fuel finance but underscored the urgent need for

Divided Landscape : The global shift from fossil fuels to clean energy under the CETP .

increased investment in clean energy , particularly in countries that require the most support . This emphasis on urgency is to make the audience feel the pressing need for action .

The report also highlighted shortcomings among some CETP members , including the United States , Italy , and Germany , which failed to eliminate fossil fuel finance . Switzerland notably increased its support for fossil fuels .

As global climate talks approach in November 2024 , the report underscores the critical importance of CETP members fully implementing their commitments to shift US $ 28 billion annually from fossil fuels to clean energy .

This is not just a commitment but a necessity to send a strong message to the international community about the gravity of the situation .

TOTALENERGIES announced the launch of a pilot project involving a floating wind turbine to supply renewable power to the Culzean offshore platform in the UK North Sea , marking a pioneering step in innovative decarbonisation .

The 3MW floating wind turbine was positioned two km west of the Culzean platform , 220km off the eastern coast of Scotland . Expected to be fully operational by the end of 2025 , the turbine was set to provide around 20 per cent of Culzean ’ s power requirements , thus reducing its GHG emissions . The turbine was installed on a modular , light , semi-submersible floater hull designed by Ocergy , enabling fast assembly and cost optimisation .

“ This innovative pilot project aimed to demonstrate the concept of hybrid power generation on an offshore facility by integrating renewable electricity from a floating wind turbine with existing power generation from gas turbines . It also sought to qualify a promising floater design for the future of floating offshore wind ,” said Marie-Noelle Semeria , Chief Technology Officer at TotalEnergies .