Fig. 3: Absolute and relative portfolio ‘greening’ trends within and outside the E3F member countries.

a Comparison of average annual energy commitments between non-E3F versus E3F country groups by period. b Share of commitments for fossil fuel projects, RETs, and grid-related projects (incl. storage) in non-E3F countries. c Share of commitments for fossil fuel projects, RETs, and grid-related projects (incl. storage) in countries of the E3F climate coalition. Countries are ordered by their total cumulative energy finance commitments within each group. E3F member countries include Belgium, Denmark, Finland, France, Germany, Italy, Netherlands, Spain, Sweden, United Kingdom. Non-E3F countries are the remaining 22 countries in the TXF dataset, out of which nine are non-OECD countries (listed in Supplementary Table 1). Percentage labels in parentheses indicate the share of a country’s cumulative energy finance commitments between 2013-2023 within each group (E3F or non-E3F). We omit nuclear projects here, given the small number of deals in our sample (n = 4). Data coverage is global but excludes Export Development Canada, the Canadian ECA, and underrepresents some countries that insufficiently report to TXF according to data triangulation (e.g., China and Mexico, see Supplementary Fig. 1–2b). We triangulate the results displayed here using tertiary data from Oil Change International, a non-governmental organization, in Supplementary Fig. 5. Period P1 refers to Pre-Paris (2013–2015), P2 to post-Paris (2016–2019), P3 to the Pandemic (2020–2021), and P4 to post-Glasgow (2022–2023).