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The Australian government has garnered praise for its decision to join a global partnership aimed at halting foreign aid and loans directed towards expanding fossil fuel projects.
However, this move has also reignited calls for the government to reevaluate its support for polluting subsidies within the country, local media reported.
During the Cop28 climate summit, Australia announced its participation in the clean energy transition partnership, which was initially established in Glasgow two years ago.
This partnership aims to establish new regulations to cease international financing of fossil fuels across the OECD and obliges signatories to phase out offshore support for coal, oil, and gas within a year.
Australia has a history of fossil fuel funding through its export credit agency, Export Finance Australia. A research reveals that approximately $1.7 billion was allocated to coal, oil, and gas developments between 2009 and 2020, while a mere $20 million to renewables.
This step aligns Australia's position on international financing with that of Pacific nation, said Penny Wong, minister of foreign affairs.
Chris Bowen, climate change and energy minister, described the decision as a testament to Australia "finally being taken seriously as a constructive international trading partner and investor determined to take meaningful action on climate change".
These positive developments have also prompted calls to address domestic issues. The Australian Conservation Foundation acknowledged the support for the global partnership as a positive step in accelerating the global transition to renewable energy but highlighted the presence of $50 billion in fossil fuel subsidies outlined in this year's federal budget.
Gavan McFadzean, climate and energy program manager at the foundation, stressed the need to cease subsidizing coal and gas expansion within Australia.
While negotiations for a proposed Cop28 consensus agreement take place among nearly 200 countries at the summit, discussions involve the phasing out or reduction of fossil fuels.
A report released by the Global Carbon Project on November 5 highlighted record-breaking greenhouse gas emissions from fossil fuels this year. Experts warned that the projected rate of warming has not improved over the past two years.
(Writing by Riley Liang Editing by Emma Yang)
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