The “Policy Dialogue for Just Energy Transitions: Identifying Pathways to Prosperity Post Fossil Fuels”, co-hosted by Climate Strategies and Salzburg Global Seminar from September 8 to 12, 2024, brought together policymakers, decisionmakers, and leading researchers from ten oil and gas producing countries as well as representatives from international organisations. They shared and discussed evidence-based approaches to the transition from fossil fuel dependent economies to inclusive, equitable, and sustainable systems. As part of our efforts to ground the dialogue in evidence-based research, we commissioned five in-country briefs exploring just energy transitions in oil and gas producing nations. This briefing provides insights into just energy transitions internationally.
Key Takeaways:
- Global energy transitions are underway and accelerating. For every USD 1 spent on fossil fuels, USD 1.7 is now spent on clean energy. Key drivers for this transition (beyond climate protection) include the geopolitical risks, economic costs, and health and environmental impacts of continued oil and gas dependency, as well as the growing economic opportunities in clean energy.
- Countries are positioned differently in terms of their historical contributions and level of fossil fuel dependency. Richer countries and those with the greatest capacity for economic diversification should move first to support a globally just transition.
- Governments have a key role to play in managing the speed and impact of transitions. Proactive planning and societal engagement are critical to anticipate and avoid significant economic and social disruption.
- To limit warming to 1.5°C (or even 2°C), expanding and aligning finance—from public, private, and development sources—is crucial.