Giving Compass' Take:
- Here are six ways to pivot energy sources and transition toward renewable energy to make strides in climate action planning.
- How can donors play a role in supporting renewable energy transitions?
- Learn about equitable transitions to renewable energy.
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Much of the news coming out of the U.N. climate conference has focused on the spectacle, and how countries’ pledges aren’t on track to prevent dangerous climate change. But behind the scenes, there is reason for hope.
In many countries, the energy transition is already underway as falling costs make renewable energy ubiquitous and more affordable than fossil fuels. A growing number of world leaders agreed at the climate summit to reduce methane emissions and aim for net-zero emissions. Over 40 countries committed to phase out unabated coal power in the next two decades.
The challenge for government officials now is figuring out how to help scale up clean energy dramatically while reducing fossil fuel emissions, and still meeting the rapidly growing energy demands of billions of people in developing and emerging economies. With an ongoing energy crisis creating shortages and record high prices in several countries, navigating this early stage of the energy transition requires thoughtful policies and well-prioritized plans.
As climate policy experts with decades of experience in international energy policy, we identified six strategic priorities that could help countries navigate this tricky terrain.
- Deploy carbon pricing and markets more widely
- Focus attention on the hard-to-decarbonize sectors
- Get China and other emerging economies on board
- Focus on innovation
- Prioritize green financing
- Reduce short-lived greenhouse gases
Read the full article about making energy transitions by Morgan Bazilian & Dolf Gielen at GreenBiz.