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Policy Briefs

Accelerating “Just” Energy Transition: Implementation and Financing Pathways for the G7

Abstract

The transition to low-carbon energy is necessary for preventing catastrophic climate change, reinvigorating growth, and reducing air pollution. However, such a transition may have negative labor and social consequences, particularly for those along the dominant fossil supply chain, such as coal. The transition must, therefore, be approached holistically to minimize the risk of producing negative externalities and maximize benefits, involving different stakeholders and sectors of society.

To ensure a just transition, countries and communities need to adapt to green and inclusive pathways through social protection and the adoption of new skills, ensuring all who need to be are equipped to take advantage of maximizing opportunities and minimizing hardship for individuals and communities. This policy brief provides recommendations to the Group of Seven (G7) on how to ensure that the transition is a “just” one, implementable, and financially viable. The five proposals are (i) strengthening the governance of implementation structure, (ii) enhancing the role of international financial institutions, (iii) measuring and alleviating energy poverty, (iv) advancing appropriate technologies, and (v) upgrading skills. Drawing lessons from developing Asia, the fast-growing most populous region of the world, this policy brief presents a leadership agenda for G7 governments to ensure global energy transition is just, inclusive, and accelerated.