BuildingTrustthroughanEquitableandInclusiveEnergyTransitionWHITEPAPERJANUARY2024Images:GettyImagesContentsPreface3Executivesummary4Introduction51Understandingajust,equitableandinclusiveenergytransition72Recognizingsymptomsofanunjust,inequitableandnon-inclusivetransition103Diagnosingtheunderlyingchallenges123.1Stakeholderinteractionsanddivergences123.2Tenunresolvedquestionsthatneedtobeaddressed154Mobilizingforchange17Conclusion21Contributors22Endnotes24DisclaimerThisdocumentispublishedbytheWorldEconomicForumasacontributiontoaproject,insightareaorinteraction.Thefindings,interpretationsandconclusionsexpressedhereinarearesultofacollaborativeprocessfacilitatedandendorsedbytheWorldEconomicForumbutwhoseresultsdonotnecessarilyrepresenttheviewsoftheWorldEconomicForum,northeentiretyofitsMembers,Partnersorotherstakeholders.©2024WorldEconomicForum.Allrightsreserved.Nopartofthispublicationmaybereproducedortransmittedinanyformorbyanymeans,includingphotocopyingandrecording,orbyanyinformationstorageandretrievalsystem.BuildingTrustthroughanEquitableandInclusiveEnergyTransition2January2024BuildingTrustthroughanEquitableandInclusiveEnergyTransitionPrefaceEquity,justiceandinclusivityarekeypillarsoftheThisreportaimstounderscoretheimportanceofgloballandscapethatrepresentaprimaryconcernajust,equitableandinclusiveenergytransitionforstakeholdersworldwide,includinggovernments,whilehighlightingthepotentialadverseimpactsofbusinesses,communitiesandcitizens.Thesedisregardingtheseaspects.Itemphasizestheneeddimensionstranscendgeographicalboundaries,playtotackleaffordabilityandaccessissues,identifiespivotalroleswithinthebroadereconomicandsocialemergingsignsofinequality,andexploresthesystemiccontextwheretheenergysystemoperatesunderlyingchallengesinrealizingsuchatransition.andhavefar-reachingconsequencesacrossdiverseThereportalsoexploresstakeholderinteractions,systems.Energypowerssocietiesandeconomies,divergencesandcriticalquestionsdemandingandthesmoothoperationoftheenergysystemisvitaldecision-makers’attention.Furthermore,itproposesforindividuals,companiesandnations,allofwhomactionablemeasurestoadvanceanorderly,people-dependonuninterrupted,affordableaccesstoenergy.centredandsociallyresponsibleenergytransitionthatbridgesdividesandbuildstrust.Astheworldgrappleswithinterconnectedcrises,turbulenceinenergymarketsandshiftingAddressingtheseissuesdemandsunprecedentedgeopoliticalpriorities,theintricateinterplaybetweencollaboration,bothbetweenandwithincountries.energyprices,macroeconomicandsocialstability,Whilegovernmentsholdtheprimaryresponsibilityandtheroleofindividualsintheenergytransitionforsteeringtheircountriestowardsajust,equitablebecomesincreasinglyevident.Equity,justiceandinclusiveenergytransition,businessesalsoandinclusivityemergeascriticalcomponentstoplayacrucialroleandcanbenefitfromtakingaccelerateaneffectiveenergytransition,whetherataction.Solvingtheseissuesinisolationbyanytheindividual,local,nationalorgloballevels.singlecompany,industrysector,orstakeholdergroupisinsufficient.ThecalltoactionnecessitatesTheWorldEconomicForumusestheenergyurgentandeffectiveintegrationofthe“justice,triangleframework,highlightingthreecoreequityandinclusivity”dimensiontoacceleratedimensionsofabalancedenergysystem:thetransition.sustainability,securityandequity.Whileenergysecurityandenvironmentalissuesareimportant,thisOnekeyreasontheenergytransitionhasnotreportfocusesonthecrucialyetoftenoverlookedadvancedatthenecessarypaceandscaleistheaspectsofenergyequity,justiceandinclusivity.oversimplificationofthenarrative,primarilyfocusingDespiteincreasingawareness,thesedimensionsonthesupplysidetotransitionfromfossilfuelsfacemountingpressure,especiallyinaturbulenttorenewables.Inreality,thetransitionisfarmoreperiodwhereenergysecurityandsustainabilityarecomplex,andignoringitsmultifacetednatureprioritizedandbetterunderstood.Nonetheless,jeopardizesoverallprogress.Thisreportoffersanoverlookingequity,justiceandinclusivityposesapproachtofacilitatecommongroundandmobilizeasignificantrisktotheenergytransition,whichcoordinatedstakeholderactionatspeedandscale,theworldcannotafford,givenenergy’skeyroleinchartingamoredirectpathtowardsabalancedenablingglobaleconomicandsocialdevelopment.energyfutureforall.BuildingTrustthroughanEquitableandInclusiveEnergyTransition3ExecutivesummaryBuildingequityandinclusivitymorestronglyintothebusinessandeconomiccasecanacceleratetheenergytransition,unlockingfullbenefitsforindividualsandcommunities.Equityandinclusivity,alongsidesustainabilityandUnderstandingthecomplexdynamicsatplayissecurity,arekeytoasuccessfulenergytransition.crucialtonavigatingthepathforward.Theenergytransitioncreatesnewjobs,improveslivelihoodsandempowersindividuals,communitiesIntoday’sevolvingglobaleconomy,addressingtheandsocieties.However,neglectingequityandpotentialnegativeconsequencesofanunequalinclusivityinthistransitioncancausedelaysorevenenergytransitionisimportant.Keystakeholders,leadtoitsfailure,makingitcrucialtoaddresstheseincludinggovernments,businesses,communitiesaspectsatlocal,nationalandgloballevels.Recentandcitizens,shapethistransition,andtheirchallengesintheglobalenergylandscapehaveinteractionscaneitherfacilitatecooperationorcreateledtoseverepriceshocksandworsenedenergydivergencesthathindertrustandcollaboration.poverty,disproportionatelyaffectinglow-incomeWhilealigningstakeholdersaroundcommoncountriesandhouseholds.Consequently,manyobjectivesiscrucial,acknowledgingtheneedforgovernmentshaveprioritizedimmediateenergytrade-offsisequallyimportant.Afairandeffectivesecurity,inadvertentlyputtingequityandinclusivitytransitionrequiresconsiderationofequityinconsiderationsunderpressure.thedistributionofcostsandopportunities,withparticularattentiontothoseatriskoflosingout.EnergyequityandinclusivityencompassvariousdimensionswithinandacrossnationsandMovingforward,amultidimensionalapproachstakeholders.Thelackofaffordableaccesstoisneeded,consideringeachnation’suniquemodernandcleanenergyremainsasignificantcircumstancesandstartingpoints.Keyquestionsconcerninmanycountries.Transitioningtocleanermustbeaddressed,includingintegratinga“peopleenergysystems,whetherinadvancedordevelopingandcommunitypositive”approachtoenergynations,requirespolicychangesandinfrastructureinfrastructureprojects’planningandexecution,investments.Despitethestrongeconomiccase,identifyingeffectiveenergyregulatoryandfiscalcomplicationsoftenarisefrommisinformationormeasuresthatdrivethetransitionwhileaddressingconcernsamongconstituentswhomaybenegativelytheneedsofvulnerableindividualsandbuildingaffectedbychanges,leadingtocommunity-leveltrustandcollaborationamongdiversestakeholdersresistance.Additionally,thereisariskofagrowingatalllevels.North-Southdivideinaccesstocleanenergyinvestmentsandtechnologies,oftenaccompaniedFosteringajust,equitableandinclusiveenergybymistrustanduncertaintyregardingthebenefitsoftransitionisnotsolelyanenvironmentalconcernbutgovernmentpoliciesandbusinessactions.alsoasocial,economicandgeopoliticalnecessity.FailingtoaddresssocioeconomicimpactsposesAstheenergytransitionreachesapivotalpoint,substantialriskstotheentiretransition,whilesuccessprioritizingequity,justiceandinclusivityisessentialcandrivebusinessopportunity,socioeconomictofosteringglobalcollaborationandachievingadevelopmentandresilience.Thisreportunderscoresbalancedandrapidtransition.Overlookingthesetheurgencyandimportanceofsuchatransition,aspectscoulderodetrust,impedenecessaryidentifiessignsofinequalityandproposessolutionsbusinessinvestments,leadtoalossofsocialtobridgegaps,reduceuncertaintiesandbuildtrustlicence,underminesocietalwell-beingandinatransitionthatsafeguardsvulnerablepopulationsultimatelyjeopardizetheentireenergytransition.andensuresinclusivityforall.BuildingTrustthroughanEquitableandInclusiveEnergyTransition4IntroductionDespiterecentchallenges,equityandinclusivity,alongsidesecurityandsustainability,remainintegralelementsofasuccessfulenergytransition.Reliableandaffordableaccesstoprogressivetransitiontoenergysystemsthataremoreefficientenergyisessentialforpeopleandeconomies,andemitsignificantlylessgreenhousegases(GHG)especiallyasglobalpopulationsgrow,drivingtoavoidtheworstimpactsofclimatechangeonincreaseddemandforthebenefitsthatenergypeopleandtheplanet.Achievingasustainableoffers.Decision-makersbroadlyagreeontheenergyfuturemustgohandinhandwithdeliveringimportanceofrenewableenergy,energyefficiencyonenergysecurityandresilience,andequityandanddecentralizedsolutionstoimproveenergyinclusivity.Theseelementstogetherformthecoreaccess.Simultaneously,thereisanurgentneedtooftheenergytriangle(seeFigure1).FIGURE1TheenergytriangleSustainabilityEnergytransitionGeopoliticsSpeedSupplyDeliveryDemandRenewableTransmissionIndustryUrbanandNuclearPipelinesbuildingsFossilfuelsInfrastructureTransportEquityandSecurityInclusivenessandresilienceEconomiesBuildingTrustthroughanEquitableandInclusiveEnergyTransition5GeopoliticalandTheWorldEconomicForum’slatestFosteringandestablishedinfrastructure,makingtheirenergycriseshaveEffectiveEnergyTransitionreporthighlightsthatreplacementwithcleaneralternativescostlyandpushedarounddespiteadecadeofprogress,theglobalenergytechnologicallychallenging.Somecleanenergy120millionpeopletransitionhasplateauedinrecentyearsduetosolutionsofteninvolvehigherupfrontconstructionintoextremeincreasingchallengestoenergyequity.Geopoliticalcostsperunitofnewenergycapacityandrequirepoverty,anumberandenergycriseshavepushedaround120millionnewinfrastructureandlanduse,impactinglocalthatcouldrisepeopleintoextremepoverty,1anumberthatcouldareas.Whiletransitioningtocleanerenergyoffersto132millionbyriseto132millionby2030.2Eventhosenotinsecurityandgrowthopportunities,itcanalso2030.extremepovertyfaceseriousenergyaffordabilityintroducesubstantialcostsforindividualsandissuesduetosurgingenergyprices.Approximatelycompanies,particularlyinemerginganddeveloping75millionpeoplewhorecentlygainedaccesstoeconomies,raisingcomplexquestionsabouttheelectricitymaylosetheabilitytopayforit,andarounddistributionofthetransition’sbenefitsandthe100millionmayreverttousingtraditionalbiomassallocationofcostsandresponsibilities.Addingforcooking.3IntheUnitedStatesalone,25%oftothiscomplexityarethehistoricalcontributionshouseholds(30.6million)strugglewithhighenergyoftheGlobalNorthtoclimatechangeandtheburdens,4withlow-incomehouseholdsexperiencinggrowingenergyneedsoftheGlobalSouth,whichisenergyburdensthatare3.5timeshigherthanthestrivingtodevelopeconomicallyandmeetenergyaverage.Consequently,manyindividualsareforcedtodemandwhilenavigatingthetransitionwithlimitedmakedifficultchoices,oftenforegoingotheressentialsfinancialresourcesandhighercostsofcapitalthantomaintainuninterruptedaccesstoenergy.5theGlobalNorth.WhilecleanenergyspendinghasincreasedinEnergyinequalityisalong-standingissuethatrecentyears,itremainsconcentratedinafewhasnowreachedacriticaljuncture.Disparitiescountriesandsectors.Since2021,over90%ofinincome,wealthandwell-being,drivenbycleanenergyinvestmentgrowthhasoccurredunequalopportunities,havemarginalizedainadvancedeconomiesandChina.Althoughsignificantportionofthepopulation,leadingtocountrieslikeIndia,BrazilandpartsoftheMiddledisillusionment.Thespreadofmisinformation,Easthaveseenanincreaseincleanenergyincreasingpolarizationoverclimateandenergyinvestmentsandprojects,progresshasbeentransitionpolicies,andgrowingcommunity-levelslowerinmanyotheremerginganddevelopingresistancetoexternallyimposedchangesandcleaneconomies,particularlyininvestmentsaimedatenergyinfrastructureprojectsfurthercomplicateexpandingandmodernizinggrids.Factorssuchmatters,erodingtrustingovernmentandbusinessashigherinterestratesandcapitalcosts,unclearapproachestoacceleratetheenergytransition.policyframeworks,andfinancialchallengesforutilitiesexacerbatethesedisparitiesanddeterThesefactorsmakeitchallengingforcompaniestomuch-neededinvestments.6planandinvesteffectively,potentiallyslowingdowntheenergytransitionandhinderingtheachievementThecurrentrelianceonemissions-intensiveenergyofclimategoals,significantlyaddingtoeconomic,sourcesisdrivenbycost-effectiveness,reliabilitysocialandenvironmentalcosts.Adelayedtransitionisestimatedtobe20%moreexpensivethanagradualtransition,and$7.7trillionmoreexpensivethananacceleratedpathway,withfourtimeshigherCO2emissions.Wouters,FandA.vanWijk,Speed,theForgottenCostReductionFactorintheEnergyTransition,RenewableEnergyInstitute,2022.Inthecomingdecades,delaysintheenergywinnersandlosers–thewinnerswillbenefitfromtransitionarenotanoptioniftheworldistomeetcost-effectiveandcleanenergysources,reduceditsdecarbonizationobjectives.However,itiscrucialemissionsandemploymentandinnovationtorealizethatdecarbonizationisjustoneaspectopportunities,whileloserswillbeartheburdensofthebroaderenergytransitionthatrequiresofthetransition,suchashighcosts,joblossesorattention.TheCOP28meetinghasintroducedthelimitedaccesstoopportunities.8Tobridgethese“GlobalRenewablesandEnergyEfficiencyPledge”,gapsandensureanorderly,smoothandsuccessfulwhichcallsfortriplingtherateofrenewablestransitionforsociety,itisessentialtoboostexpansionanddoublingtherateofenergycollaborationandprioritizeearlyactionsthatmakeefficiencyby2030asacrucialstepinlimitingthebenefitsoftheenergytransitionaccessibletoall,globalwarmingto1.5oC.7Achievingthisambitioussecuringbroad-basedacceptanceofthesechanges.goalwillundoubtedlyrequireconsideringequityandinclusivityaspectstounlockthenecessaryAjust,equitableandinclusiveenergyinvestmentsandpromoteconsumeradoption.transitionisnotonlyamoralimperative;itisasocial,economic,environmentalandCountries,despitetheirdifferentstartingpointsgeopoliticalnecessity.Neglectingtoplaceandtransitionpathways,willundergoasubstantialpeopleatthecoreofthisacceleratedandtransformationinboththeirenergysystemsandscaled-upeffortriskserodingthetrustsocieties,leadingtosignificantsocioeconomicnecessaryforastableandsecurefutureandimpacts.Ifnotmanagedproperly,itwillcreatejeopardizestheentireenergytransition.BuildingTrustthroughanEquitableandInclusiveEnergyTransition61Understandingajust,equitableandinclusiveenergytransitionAfairandsociallyresponsibleenergytransitionrequiresanuancedapproachthatbalancestheinterplayofjustice,equityandinclusivityprinciples.ThreeInrecentyears,thephrase“leavingnoonebehind”ensurefairoutcomesinresourceallocation,costfundamentalhasgainedprominenceindiscussionsrelatedtodistributionandbenefitsharing.Proceduraljusticeaspectsoffairnesstheenergytransition.Whilethisreflectsagrowingemphasizesfairrepresentationandinclusivityinmustbemaintainedrecognitionthattheenergytransitionmustextenddecision-makingwithintheenergysystem,whilethroughoutthebeyondtechnology,climateandcostconsiderationsrecognitionaljusticeacknowledgesandseeksenergytransitiontoprioritizesocio-economicaspects,9italsotorectifypastharmsorwrongs.12Althoughtheprocess:highlightsafundamentalchallenge.Thetermsconceptof“energyjustice”maymanifestdifferentlydistributional,“just”,“equitable”and“inclusive”energytransitionfordifferentstakeholdersatthelocal,nationalproceduralandareoftenusedinterchangeably,yettheyeachcarryoreveninternationallevelsbetweennations,therecognitionaluniqueemphasisandimplicationsdespitesharingoverarchingprincipleisthecriticalneedtoavoidjustice.commongoalsandprinciples.Attheoutset,itisleavingbehindthosestillreliantonunabatedfossilimperativetoacknowledgethestartingpoint–afuels,whetheronthedemandorsupplysides.landscapemarkedbysignificantinjustices–andthecallto“leavenoonebehind”underscoresInthiscontext,distributionalandrecognitionalthecriticalneedtoavoidperpetuatingexistingjusticeconvergeintotheconceptofenergyequity.disparities.AlthoughthetaxonomysurroundingThisentailsaffordableaccesstomodernandcleantheseconceptsisevolvingandrequiresfurtherformsofenergyforall,supportingthecontinuityrefinement,itisimportanttounderstandthattheofeconomicdevelopment13andensuringthatthepursuitofajusttransitioninvariablycentresonbenefitsandopportunitiesoftransitioningtoathecoreprinciplesofequityandinclusivity.sustainableandcleanenergysystemareaccessibletoandsharedamongallsegmentsofsociety.14In2015,theInternationalLabourOrganizationAddressingexistinginequalitiesisintegraltothisdefinedajusttransitionas“greeningtheeconomyprocess.Equityeffortsoftenprioritizepreventinginawaythatisasfairandinclusiveaspossiblehistoricallymarginalizedorvulnerablecommunitiestoeveryoneconcerned,creatingdecentworkfrombearingadisproportionateburdenofnegativeopportunitiesandleavingnoonebehind”.10Atimpacts.Thisextendstoaspectssuchasthecostalocallevel,achievingajusttransitionmeansofenergyforconsumersorthetransitionofjobsavoidingthecreationofnewsourcesofemissionsrelatedtoenergysectorsandinfrastructure.lock-inandincreaseddependenceofsmall-andmedium-sizedenterprises(SMEs)andTheelementofproceduraljusticealignswiththepublicrevenueonemission-intensiveindustries.conceptofinclusivityandemphasizestheactiveAdditionally,itinvolvesacknowledgingandparticipationandrepresentationofallstakeholders,addressingexistinginequitiesandenvironmentalregardlessoftheirbackgrounds,indecision-makinglegaciesoftenleftbehindbytheseindustries.11processesrelatedtotheenergytransition.15ItaimstocreateopportunitiesformeaningfulstakeholderWithintheenergyjusticeframework,where“justengagement,ensuringthatdiversevoicesandtransition”isasubset,threefundamentalaspectsofperspectivesarenotonlyheardbutalsointegratedfairnessmustbemaintainedthroughouttheenergyintoenergysystemplanning,policydevelopmenttransitionprocess:distributional,proceduralandandtheinclusivedevelopmentofallwithinplanetaryrecognitionaljustice.Distributionaljusticeaimstoboundaries(seeFigure2).BuildingTrustthroughanEquitableandInclusiveEnergyTransition7FIGURE2TheinterconnectionofdifferenttaxonomiesEnergyjusticeAfair,sociallyresponsibleandpeople-centredenergytransitionJustenergytransitionInclusivityEquityDistributionaljusticeRecognitionaljusticeProceduraljusticeTheutilizationoftheseinterconnectedprinciplesisonexpandingenergyaccesstoremoteandvariesbyregionandisshapedbycurrentpriorities,underservedcommunitiesthroughcleanenergyhistoricalcontextsandthespecificchallengesinitiatives,drivingeconomicdevelopmentandandconditionswithineachregion’suniqueenergyalleviatingenergypoverty.IntheMiddleEastandtransitionjourney.InNorthAmericaandEurope,theNorthAfrica,low-incomecountriestypicallyprioritizefocusismainlyonaddressinghistoricaldisparitiesensuringaffordableenergyaccess,whilehigh-inenvironmentalburdensandimplementingincomecountriesengageindiscussionscentredonprogrammesandpoliciestopromotesocialwelfareaddressingeconomicimplications,deployingenergywhiletransitioningworkersawayfromcoalandreformsandcreatingneweconomicopportunities.decarbonizingtheenergysector.InLatinAmericaTheyalsoaimtomitigatethesocialandeconomicandtheCaribbean,thejusttransitionconceptimpactsassociatedwithdiversifyingtheenergymix.hasgainedtractioninrecentyearsandisbeingendorsedbytradeunionsandenvironmentalandThepursuitofa“just,equitableandinclusivesocialorganizationstoensureafairshifttowardsaenergytransition”demandsanuancedapproachclimate-neutraleconomythatbenefitsall.16thatrecognizestheinterplaybetweenthesetaxonomies.WhileitisessentialtodefineeachtermInAsia,countriesgrapplewiththechallengeofforclarity,consistencyandsharedunderstanding,balancinggrowingpopulations,industrializationanarrowprioritizationofoneconceptcouldleadtoandenergydemandwithsocialandenvironmentalunintendedconsequencesorexacerbatedisparitiesresponsibilities.Theregion’sfocusisonleveragingtheinotherareas.Thesignificanceliesinintegratingenergytransitiontofostereconomicdevelopment,allthreeconceptstoadvanceafairandsociallyraiselivingstandards,enhanceenergysecurity,responsibleenergytransitionthatbenefitseveryonereduceelectricitycostsandimproveenergywhileminimizingadverseimpactsonthemostaccessibility.17Sub-SaharanAfrica’sprimaryfocusvulnerablepopulations.BuildingTrustthroughanEquitableandInclusiveEnergyTransition8BOX1ASEAN18leaderssharedjusttransitionprinciplesTheASEANregionisatapivotalpointasittheirprinciplesandmission,emphasizinggrappleswithtransitioningitsenergysectortheimportanceofcollaborationinfosteringagainstthebackdropofarapidlyexpandingunderstandingamongdiversestakeholdersandpopulation,expectedtoexceed700millionbyunderscoringthemission’ssignificance.2030withanannualgrowthrateof3%andrisingenergydemand.Recognizingthischallenge,theAdvancingajust,equitableandinclusiveenergyWorldEconomicForumestablishedtheASEANtransitioninASEANrequiresconcertedeffortsinLeadersforJustEnergyTransition(JET),afourkeyareas:1)mobilizingfundsforcleanenergycommunityofSouth-EastAsianbusinessleadersprojectsthroughpublic-privatepartnershipsandwhosevisionistoensureanequitableandreliableinternationalcooperation,2)promotingregionalenergytransitiondrivenbyinvestmentsincleancollaborationtoenablecross-borderenergyenergy,supportivepolicies,andknowledgetradingandregionalinfrastructuredevelopment,exchangewithintheregion.3)aligningenergypoliciesandregulationsacrossnationstosupportcleanenergydevelopment,Despitemakingnotableprogress,ASEAN’sand4)providingopportunitiestominimizetheEnergyTransitionIndexscoresslightlylagsocioeconomicimpactsonvulnerablecommunities.behindtheglobalaverage,primarilyduetoadeclineinthe“sustainability”dimension.TheJETTheASEANJETLeadershaveembarkedonacommunityrecognizeskeychallengessuchastransformativemissiontodrivearapid,justandsecuringfinancingforcleanenergy,developinginclusiveenergytransitionintheregion.Throughnewpowerinfrastructuretomeetgrowingcollaborationandinnovation,theyaspiretosetademandanddecarbonizingenergysystemswhileglobalexampleforwhatcanbeachievedwhenensuringaffordability.Inresponse,thecommunitydiversestakeholderscometogethertoaddresscrafted“sharedaspirations”,whichencapsulatecomplexchallengesanddrivepositivechange.BuildingTrustthroughanEquitableandInclusiveEnergyTransition92Recognizingsymptomsofanunjust,inequitableandnon-inclusivetransitionEmergingsignsofanunevenenergytransitionrevealthecrucialneedforstrategicpolicyadjustmentsandfinancialreallocations.Inanevolvingglobaleconomy,countriesmustthattheconsequencesandsymptomsofanunequalprogresstheirenergytransitionatdistinctpacesandtransitionarebeingfeltonaglobalscale,albeitattailorittotheirspecificcircumstances.Thisapproachvariouspointsandinvaryingways.19Below,theiscriticalforavoidingpotentialshort-termdisruptionssymptomsofanunjust,inequitableandnon-inclusivethatcouldoffsetlong-termgains.However,itisevidentenergytransitionaresummarized(seeTable1):TABLE1EmergingsymptomsofanunequaltransitionEnergyaccess–Recentprogresstowardsuniversalenergyaccessby2030hasbeenunevenandinsufficient,Energypricesparticularlyindevelopingcountriesandpoorandremotecommunities,leadingtoanoverallEnergyinvestmentincreaseinenergypoverty.–Over775millionpeoplestilllackaccesstoelectricity(withabout600millioninSub-SaharanAfrica),20while2.3billionlackaccesstocleancookingfacilities.21–Atthecurrentrateofprogress,theworldwillreachonly92%ofelectrificationby2030,withlargepartsofSub-SaharanAfricaremainingwithoutelectricityaccess.22–Thecombinationofpoliciespartiallyoverlookingsocioeconomicconsiderations,recentenergycrises,geopoliticaltensionsandaheavyrelianceonvolatilefossilfuelshasledtosoaringenergypricesinmanycountries,impactingaffordability,particularlyforlow-incomehouseholds.Electricitycostsincreasedbyalmost30%in2022,mainlyduetorecord-highnaturalgasprices.23–Highfuelandelectricitycostsimpactthecompetitivenessofenergy-intensiveindustries.–Somegovernmentsimplementfiscalresponsestomitigatehigherenergycostsforlow-incomehouseholds,butthesemeasuresimposeheavydebtburdensandreduceincentivesforefficientenergyuse.–Disparitiesinfinancingandcontributionsbetweendevelopedanddevelopingcountriessignificantlyimpactcertainregions(emerginganddevelopingeconomies,exceptChina,accountforonly5%ofglobalpublicenergyR&Dfunding,3%ofcorporateenergyR&Dfundingand5%ofenergyventurecapitalfunding).24–Annualinvestmentsofaround$35billionhavethepotentialtoprovideelectricityaccessforpeoplecurrentlywithoutit.25Inaddition,achievinguniversalaccesstocleancookingrequiresanannualinvestmentof$8billionforstovesandinfrastructureuntil2030.Thisislessthan1%ofwhatgovernmentsspentgloballyin2022tomakeenergyaffordableforcitizens.26–Developingcountriesfacemultiplecrises,resultinginhighborrowingcostsanddebtservicingexpenses,reducingtheirabilitytoinvestintheenergytransition.–Financialburdensofclimateadaptationandmitigationoncountriesthathavemademinimalcontributionstotheclimateproblembutsufferthemostfromitsimpacts.Theadaptationfinancegapiswideningandisestimatedat$194-366billionperyear,whiletheneedsofdevelopingcountriesare10-18timesasgreatascurrentinternationalpublicfinanceflows.27–Capitalcostsforrenewableenergyprojectsinemerginganddevelopingeconomiesremainatleastdoublethoseinadvancedeconomies.28BuildingTrustthroughanEquitableandInclusiveEnergyTransition10TABLE1Emergingsymptomsofanunequaltransition(continued)Trade–Risingprotectionism,includinghightariffsandduties,favourslocalproductionbutthreatensglobalTechnologycompetitivenessandthetechnologicalpotentialoftheenergytransition.Jobs–Permittingissuesleadingtochallengesinsecuringaccesstoandapprovalofnewtransmissionlines,Politicaldevelopingnewrenewableenergyprojectsandtheirinterconnectiontothegrid.29Environmental–Strictercontrolsoncriticaltechnologiesinsomeadvancedeconomieslimitaccessandtransfertothedevelopingeconomiesthatneedthem.–Technologyisnotagnostic;instead,itreflectsandsustainsthevalues,assumptionsandpowerdynamicsofthesocietywhereitisdevelopedandemployed.30Thisleadstoapreferenceforspecifictechnologiesthatmaynotequallybenefitallstakeholders.–Whilenewopportunitiesareemerginginrenewableenergy,energyefficiencyanddigitalsolutionsintheenergysector,jobcreationanddisplacementarehappeningsimultaneously,affectingdifferentworkergroupsandoftenleavingthoseinincumbentindustrieswithoutimmediateemploymentoptions.–Incumbentindustries,suchasfossilfuels,employover32millionglobally,andwhilesomecompaniesarereskillingandtransitioningworkersinternallytolow-carbonsectorstoretaintalent,thisisnotanoptioneverywhere.31–Women’srepresentationintheenergyworkforceisconsistentlylowwhencomparedtoeconomy-wideaverages,withlessthan15%employedinseniormanagementpositions.32–Manycoalindustryemployeesareminers,whosejobsaregeographicallyconcentrated,leavingthemespeciallyvulnerableduringthetransition.–Someadvancedeconomies’governmentsarereconsideringcriticalenergytransitioncommitments,whichcouldcreateuncertaintyforbusinesses,potentiallyimpactingjobprospects,investmentsandthespeedoftransitiontocleanerenergysystems.33–Lackofsocialacceptance,includingcommunityoppositiontorenewableenergyorinfrastructuredeploymentandpushfromtheGlobalSouthtoprioritizetheethicaluseofdomesticfossilfuelresourcesforaddressingdevelopmentalissuesbeforetransitioningtoalternativeenergysources.–Aslowerenergytransitionexacerbatesclimateeventsandgreenhousegasemissions,disproportionatelyaffectingvulnerablepopulationsandleadingtoimbalancesinthebiodiversityandhealthoftheseecosystems.Note:Thesesymptomscanoccurinsomeinstancesandgeographiesbutshouldnotbeinterpretedasageneralassessmentacrossallcountries.Thesesymptomsarisemainlyfromtheinterplaysolutionsthatdonothelpresource-constrainedbetweenregulations,politicalcommitmentsanddevelopingcountries.Toaddresstheseissues,itinvestmentandcapitalallocationdecisionsmadeisessentialtoconsiderwherefinancialresourcesbybothpublicandprivatesectors.Forinstance,shouldbedirectedtohavethegreatestimpact.issuesrelatedtoenergyaccessandpricingstemRecognizingthesecomplexinterdependenciesfrominadequatepoliciesthatdonotaccountfororinthedecision-makingprocessoftheenergyaddressimpactssuchasserviceinterruptionsortransitioniscrucialforachievingajust,equitablepricefluctuationsandlimitedormisdirectedfinancialandinclusiveoutcome.BuildingTrustthroughanEquitableandInclusiveEnergyTransition113DiagnosingtheunderlyingchallengesNavigatingtheenergytransition’scomplexitiesdemandsaddressingstakeholderdivergencesandansweringcriticalquestionsforequitableandinclusiveprogress.3.1StakeholderinteractionsanddivergencesBuildingtrustAnimportantaspectoftheenergytransitionCommunitiesandcitizensdirectlyexperiencerequiresproactiveinvolvesacknowledgingthatwithoutdeliberatetheimpactsofenergydecisionsandrequireactivemeasurestobringeffortstoensureajust,equitableandinclusiveengagementfromdecision-makerstoensurethatstakeholdersprocess,thereisariskofunequalbenefitsandthetransitionyieldstangiblebenefitsandalignstogetheraroundaexclusionofcertaingroups.Whilemanycurrentwiththeirneeds.Citizens’choicesareimportantcommonvisionandpoliciesemphasizetheimportanceoftheseforoverallenergyconsumptionandlocalenergysharedobjectives.principles,thereisaneedtogainadeeperprojectsandbuildingnewenergyinfrastructureunderstandingoftheextentofinequitiesandcanhavepositiveandnegativeimpactsonlocalchallengesassociatedwiththeenergytransitioncommunities.Thus,carefulmanagementanddueandidentifythestakeholders34who,despitetheirdiligenceareessentialtomaintaintheirsupport.uniqueinterestsandroles,mustcollaboratetopushitforward.35StakeholderinteractionsareinstrumentalinshapingthetransitionbutcanalsoleadtodivergencesthatGovernmentsplayacentralroleinpolicy-making,maytaketheformofcountriesnottrustingeachsteeringthetransitiontobe“just,inclusiveandothertofulfiltheirobligations,communitieslosingequitable–withpeople’sneedsatitscentre”.36faithinthereliabilityofdecision-makingprocessesEngagementorconsultationapproaches,whichandindividualsstrugglingtounderstandandtrustconsiderproceduraljustice,arefundamentaltotheinformationprovidedtothem.39Thesedivisionsensuringlegitimacy(orperceivedlegitimacy).hindercollaborationandexacerbatechallengesIntegratingtheseconsiderationshelpsgovernmentsinachievingajust,equitableandinclusiveenergygarnerthepublicsupportneededtoexpeditethetransition(seeTables2and3).40energytransition,whetherthatinvolvesbackingspecificenergyprojects,implementingessentialAddressingthesecriticalissuesdemandsapolicychangesordrivingconsumeradoption.fundamentalreframingofthetransitionnarrativetoonethatistailoredtoresonatewiththeuniqueBusinessesalsoplayakeyroleinmobilizingperspectivesofeachstakeholdergroup.Buildingcapitalforaffordableandeffectiveenergysolutions,trustrequiresproactivemeasurestobringcontributingtosustainabilityandsocialequity.37Theirstakeholderstogetheraroundacommonvisionsupportinstilsconfidenceingovernmentpoliciesandandsharedobjectives.This,inturn,requirescreatesopportunities.38Embracinganinclusiveandstrongcollaboration,recognizingthatnoindividual“people-positive”approachbenefitsbusinessesbycompany,industrysectororstakeholdercanreducinglocalopposition,preventingcostlydelays,effectivelyaddressthischallengeinisolation,attractingtalent,leveragingcommunityexpertiseandnecessitatingawhole-of-societyapproachtoshapefacilitatingfasteractionandinvestments.thespecificsofthiscollectivevision.41BuildingTrustthroughanEquitableandInclusiveEnergyTransition12TABLE2DivergenceswithinkeystakeholdergroupsGovernments–TheGlobalNorthleadsthenet-zeronarrative,withlimitedcontributionsfromtheGlobalSouth.–Advancedeconomieshaveconcernsoverthepaceoftransitionindevelopingcountries.DevelopingBusinesseseconomiesfeelthatadvancedeconomiesbearhistoricalresponsibilityandproposeunrealisticCommunitiestransitionpathways.andcitizens–TheGlobalNorthhaspreviouslybenefitedfromprotectionism,whiletheGlobalSouth,whichhasbeendiscouragedfromimplementingprotectionistmeasures,nowneedstoimplementindustrialpoliciestostimulatesocioeconomicdevelopmentandreapthebenefitsfromtheenergytransition.–Developingcountrygovernmentsfaceatriplechallenge:pursuinglow-emissiondevelopmentwithrisingenergydemandandlimitedaccesstoaffordablecapital.–Developinganddevelopedeconomiesfacetransitionchallenges,oftenduetocompetingpoliticalprioritieslikeeconomicdevelopmentandpovertyalleviation.–Disparitiesinaccesstofinancialresourcesimpactthepaceandscaleoftransitionefforts.–Sector-specificinterestsandconcernsleadtotheperceptionthatthetransitionfavourscertainbusinessesoverothers.–Largercorporationshavetheresourcestoadapttoandinvestincleanenergytechnologiesandenergyefficiencysolutionsandmakethemreadilyavailable.–Businesseswithincomplexsupplychainsdifferintheirreadinessandambitionforenergytransition.–SomebusinessesprioritizeprofitorGHGemissionsreductionoverreducinginequitiesintheenergytransition,leadingtovariationsintheirassessmentandaddressingofsocialandenvironmentalimpacts.–Unequaldistributionofbenefits,disproportionatecostburdensandinequitableaccesstocleanenergy,impactingunderservedcommunities.–Incomedisparitiesleadtodifferentlevelsofresiliencetoandtoleranceofenergypricehikes.–Communitiesheavilyreliantonfossilfuelsorextractiveindustriesmayresisttransitionduetofearofjoblossesandeconomicdecline.–Differentialcommunityinvolvementindecision-makingandplanningleadstovaryinglevelsofcommitmenttothetransition.–Communities’concernsregardingtheenvironmentalandsocialimpactsofgreenprojectscanleadto“notinmybackyard”(NIMBY)movements,creatingdivergenceswithinthepublic.BuildingTrustthroughanEquitableandInclusiveEnergyTransition13TABLE3DivergencesacrosskeystakeholdergroupsGovernmentsand–Certaingovernmentregulationsmaybeviewedasburdensomeorcostly,particularlyifbusinessesbusinessesbelievecompliancehinderscompetitiveness.Businessesand–Businessesmayfocusoninvestmentsthatyieldshort-termreturns,notaligningwithagovernment’scommunities/long-termenergygoals.citizens–Governmentsmayadvocateforequitabledistributionofresourcesintheenergytransition,whereasCommunities/businessescouldprioritizeresourceallocationbasedonmarketdynamics.citizensandgovernments–Limitedbusinessengagementduetoalackofbestpracticesandclearguidelinestoachieveajust,equitableandinclusivetransition,alongwithinconsistentcorporateapproachesforaddressingthesocietalimpactsofthetransition.–Differentprioritiesbetweencommunitiesandbusinesses:Communities,includingcitizens,focusoneconomicbenefits,jobcreation,energyaffordabilityandenvironmentalconcerns,whilebusinessesmayprioritizeprofitability,operationalefficiencyandregulatorycompliance.–Financialconstraintslimitcommunityandconsumerinvestmentsincleanenergytechnologiesandservicescomparedtobusinesses.–CompaniesareoftenmeasuredonGHGemissionsoverinvestmentsinsolutionsthataddressenergyinequality.Moreover,manyEnvironmental,Social,andGovernance(ESG)measuresprimarilyemphasizeenvironmentalfactors,oftenneglectingequityintheenergytransition.–Inconsistentengagementbybusinessesaffectstheacceptanceoflocalenergyinfrastructureprojectsincommunities.–Communitiesorcitizensoftenlacktrustinbusinessestotakeactionregardingtheenergytransitionandmayalsohavelimitedawarenessofthebenefitsornecessityoftransitioningtomoresustainableenergysystems.–Governmentsmayprioritizenationalenergypoliciesandeconomicgrowthoverlocalcommunityneedsandconcerns.–Governmentsarereluctanttoconductconsultationsandconsiderpoliciesthatpromoteconsumerengagementintheenergytransition.–GovernmentssetclimateNDCsbutlacksimilartargetsforenergyequity.–Limitedorineffectivecommunityengagementindecision-makingprocessesleadstomistrust(e.g.aroundlocalenergyinfrastructuregrowth).–Resourceallocationforenergytransitioninitiatives(financialincentivesorinfrastructuredevelopment)maynotmatchcommunityneedsandpriorities,resultinginresistanceordelays.–Unequalaccesstocleanenergytechnologies,benefitsandopportunitiescanexacerbatedivergencesascommunitiesseekfairnessandinclusivity.–Limitedoverlapbetweenfossilfuelandcleanenergyjobs,intermsofgeographyandperceivedjobquality,risksalienatingworkersandunderminingpoliticalsupportforthetransition.BuildingTrustthroughanEquitableandInclusiveEnergyTransition143.2TenunresolvedquestionsthatneedtobeaddressedThesymptomsofanunequalenergytransitionnationalandlocallevels,demandattentionandrevealunderlyingchallengesandraiseimportantshouldinformdecision-makingbycompaniesandquestions.Thesenon-technologicaldeterminantsgovernments,shapingthenecessaryadjustmentsofthetransition,withimplicationsattheglobal,andenhancements.TABLE4Criticalquestionsforajust,equitableandinclusiveenergytransitionGlobalNationalLocalFairdistributionandequalopportunity:Howcantheopportunitiesand1costsoftheenergytransitionbefairlydistributedbetweendevelopedanddevelopingcountries,takinghistoricalresponsibilitiesandcurrenteconomiccapabilitiesintoaccount?Equitableemissionsreduction:Howcantheburdenofemissions2reductionbedistributedequitablyamongcountries,companies,industriesandindividuals?Inclusivetransitionpathways:Howcancurrentenergytransitionscenarios3andpathwaysbeadjustedtoadvancejustice,equityandinclusivity,factoringintheprioritiesandneedsoftheGlobalSouth?Measuringprogressandaccountability:Whatmetricsandindicatorsare4neededtomeasureprogressandassesstheimpactsofajust,equitableandinclusiveenergytransition,andhowcanaccountabilitymechanismsbeestablishedtodeterminestakeholderresponsibilities?Universalaffordableaccess:Howcanaffordableenergyaccessforall5beensuredwhilemitigatingtheimpactofrisingenergycostsonfinanciallydisadvantagedindividuals?Balancinglocalbenefitsandcosts:Howcanabalancebemaintained6betweenmaximizinglocalbenefitsandminimizinglocalcostsduringthetransitiontoensurepositiveoutcomesforcommunitiesandcitizens?Collaborationversuscompetition:Howcancompetitivestakeholders7collaborateonsharedinterestsandpublicgoods,suchaspromotingajust,equitableandinclusiveenergytransition?Jobcreationandaccessibility:Howcanjobopportunitiesinnewenergy-8relatedindustries,resultingfromthetransitionawayfromfossilfuels,bemadevisibleandaccessibletoall?9Enhancedtransparency:Howcantransparencybedefinedandimprovedwithintheenergysystemtofacilitatemoreinformeddecision-making?Rebuildingtrust:Howcantrustbere-establishedbetweengovernments,10businessesandindividualstoensurewidespreadsupportfortheenergytransition?BuildingTrustthroughanEquitableandInclusiveEnergyTransition15BOX2BettercommunityengagementwillhelpacceleratecleanenergyinfrastructuredeploymentAchievingajust,equitableandinclusiveenergyvalue–asalreadyshownbyincreasingsocialtransitionrequiresbettercommunityengagement.oppositioncausingdelays,suspensionsorevenSuchanapproachshouldgobeyondenergycancellationofprojects.Whenmanagedwell,access,affordabilityandeconomicdevelopmentcleanpowerinfrastructuregrowthpresentsaoutcomestoincludelocaljobcreationandconsiderableopportunitytocreatesignificantvalueupskilling,engagementinthedecision-makingforbusinessaswellasthewidersystem,includingprocessandtheequitabledistributionofsociety,theeconomyandtheenvironment.benefitsandburdens.In2023,theWorldEconomicForumpublishedCommunitiesareincreasinglyimpactedbythetheBetterCommunityEngagementforaJustmassivegrowthofinfrastructurethatisneededtoEnergyTransition:AC-SuiteGuidecallingonmeetnet-zerogoals,withcleanpowercapacityindustrytointegrateapeople-positiveapproachaloneexpectedtoexpandthreefoldby2030intocleanpowerinfrastructuredeployment.Thisandninefoldby2050.Thisdeploymentrequirescanbeachievedbyprioritizingcommunityimpactsignificantlylargeareasoflandandwaterandwillwithinthebusinessstrategy,aswellasleveraginginevitablyintersectwithpopulationcentresandcross-sectoralcollaborationtomovetowardsnaturalecosystems,demandinganefforttobeapartnershipapproachwithcommunities.Theacceptedandintegratedintothesocialandculturalpaperalsocallsonindustryleaderstodevelopfabric.Agrowingawarenessoftheneedforajustaframeworkformeasuringsocialimpact.energytransition,broaderaccesstoinformationMultiplestakeholdershavetoolstomeasureand(andmisinformation)andtheamplificationofbenchmarkcarbonimpact.Replicatingsomethingvoicesthroughsocialmediaaddtothechallenge.similarforsocialimpactwouldbecriticaltoIfnotmanaged,businessesrisklosingtheirsocialaccelerateprogressbycreatinganobjectivebasisacceptancetooperateanderodingbusinessforvalidatingnegativeeffectsandvaluecreation.BuildingTrustthroughanEquitableandInclusiveEnergyTransition164MobilizingforchangeConcertedeffortsarerequiredtobuildtrustandpromotecollaboration,advancingajust,equitableandinclusiveenergytransition.Arapidandsuccessfulenergytransitionisworkforce,fosteringinnovationandinvestinginessentialtoachieveglobaldecarbonizationandenergyinfrastructure,bothphysicalanddigital.42securityobjectives.However,withoutafirmcommitmenttojustice,equityandinclusivity,thereAstheenergysystemevolves,maintainingaarerisksofdelaysandinsufficientprogress.Thisbalanceamongtheseenablingfactorsbecomestransitiondependsonthecreationofarobustimportant.Trustandcollaborationplaycentralrolesenablingenvironment,includingastrongregulatoryinthisinterconnectedenvironment.Whiletrustisframeworkandeffectivecapitalmobilization.builtthroughconcretedemonstratedactionsandThisenvironmentiscrucialforcountriesseekingisindispensableforovercomingtheobstaclesthattoattractinvestmentsinexistingandnascenthinderprogress,collaborationiskeytofacilitatingindustriesandtechnologies,particularlyincleanpositivedevelopmentsandensuringajust,equitableenergy,andnecessitatesthecultivationofaskilledandinclusiveenergytransition(seeFigure3).FIGURE3KeyenablersfortheenergytransitionTransitionreadinessRegulationsandCoreenablerspoliticalcommitmentInnovationTrustandFinanceandInfrastructurecollaborationinvestmentEducationandhumancapitalBuildingTrustthroughanEquitableandInclusiveEnergyTransition17AchievingtheDespitesignificantchallenges,thesolutionsdob.Implementingmeasuresthatempowerenergytransitionnotinvolveloweringambitionsordelayingaction.43individualstomakeinformedchoicesdependsonpeopleInstead,proactivemeasuresareneededtobridgeabouttheirenergyconsumptionadoptinganewgaps,tackleuncertaintiesandbuildtrustamongtheapproachtoenergydifferentstakeholdersinthetransitionprocess.BelowToempowerindividualstomakeinformedefficiencyandaresomeconcreteactionsthatcanbeconsidered.decisions,activelyparticipateinandcollaboratefortechnologyuseforameaningfulenergytransitionandalleviatetheirnet-zeroornature-1.Regulationandpoliticalburdens,governmentsmustprovidethemwiththepositiveoutcomes.commitmentnecessarychoices,tools,infrastructureandenablingenvironment.Energyefficiencyimprovementscancuta.Developingregulatoryandfiscalmeasurescostsandenhanceenergysecurityandsustainability.andtargetedinterventionsthataddresstheWhiletechnologyincreasinglyempowerscitizenstoneedsofvulnerablestakeholdersmanagetheirenergyuse,transparency,accountabilityandaccesstotimelyinformation,economicincentivesToensureajust,equitableandinclusiveenergyandwell-craftedpoliciesremainkeydriversforbuildingtransition,governmentsanddecision-makersmusttrustandenablinginformeddecision-making.carefullymanagefiscalmeasures,suchaspriceregulation,energytaxreductionsandfossilfuelAchievingtheenergytransitiondependsonpeoplesubsidies,initiallyintroducedtoprotectconsumersadoptinganewapproachtoenergyefficiencyandbusinessesfromhighenergypricesduringtheandtechnologyusefornet-zeroornature-positiveenergycrisis.Poorlyhandledsubsidyreformcanoutcomes.Itrequiresjointeffortsfromboththeenergydisproportionatelyaffectvulnerablehouseholds,demandandproductionsides.Todrivepolicychangetriggersocialunrestandexacerbateinequality.44andengageindividualsandconsumerseffectively,itTherefore,theseinterventionsnecessitatecarefuliscrucialtodemonstratethebenefits.Forexample,designandtargeting,recognizingthat“politicalmarketmodelsshouldprotectconsumersfrompricesupportforthetransitioncandissipatequicklyifvolatilityandensurefairnessintheenergytransition.householdsorindustriesbeartoomuchupfrontcostwithoutseeingtangible,near-termbenefits”.45Empoweringcitizenstomakecost-effective,eco-Fordevelopingcountriesstillreliantonfossilfuelfriendlychoiceshingesonprovidingthemwithreal-exports,thefiscalimplicationsaresignificant,astimeinformationabouttheirenergyconsumption,theserevenuesoftenfundsocialprogrammes.helpingthemunderstandtheoptionsavailabletothem,andofferingactionablestepsandsupportTonavigatethiscomplexlandscape,governmentstoreduceemissionsandadoptenergy-savingmayconsiderimplementingsocialsafetynetsandpractices.Forexample,policyframeworksandcompensatorymeasuressuchascashtransfersmeasureslike“taxbreaks,subsidiesandrewardsandtemporarybasicincomeinitiatives,targetingforadoptingrenewabletechnologies,electrificationpoorhouseholdsmostimpactedbyenergy-andenergystorage,combinedwithinnovativerelatedcosts.Understandingthesocioeconomicbusinessmodelstogivepeoplegreateraccesstoconditionsinaffectedcommunitiesiscrucial,andcleanenergy”47areessentialtoenableparticipation.effectivepubliccommunication,transparencyandstakeholderengagementareessentialto2.Financeandinvestmentsecureconfidenceandbuildtrust.46Additionally,internationaltransferscanhelpclosethefundinga.Directinginvestmenttowardscountries,gapindevelopingcountries.regionsandcommunitieswhereitcanhavemaximumpositiveimpactWhilefiscalmeasuresareimportant,governmentsalsoneedtoincentivizethedevelopmentofAdvancingapeople-centredenergytransitioninnovativesolutionsandnewbusinessmodelsrequiresarethinkingofestablishedfinancingandthroughstructuredregulatoryapproaches.investmentapproachestobridgethegapbetweenThisincludesestablishingclearregulationsandavailablecapitalandtheneedsofemergingandproceduresthatnotonlyfacilitatesystemicdevelopingeconomies,aswellasaddressingchangebutalsoincentivizetheadoptionofenergypovertyinadvancedeconomies.Significantcleanenergytechnologies.Additionally,wheninvestmentacrosstheenergysystem,withafocusprocuringrenewableprojects,non-pricecriteriaonunderservedregions,localcommunitiesandmustbeconsideredtoincentivizebusinessestoindividuals,isneeded.prioritizeequitableandinclusiveprocessesandoutcomes.ThisinvolvesnotonlyestablishingAtthecountryandregionallevels,thereisaneedcommonindicatorsforaccountabilityandtodirectfinancingbeyondcleanpowergenerationprogresstrackingbutalsodefiningmicro-leveltoincludegridexpansionandmodernization.indicatorsthatgobeyondtraditionalmetrics,Whiletheseinvestmentsmayyieldlowerfinancialencompassingfactorslikenaturerestoration,airreturns,theyprovidereliableelectricityaccesstoqualityimprovements,localdecarbonization,jobscommunitiesandbusinesses,48ultimatelyhelpingandsocialvaluecreation.raisetheirincomes.BuildingTrustthroughanEquitableandInclusiveEnergyTransition18Despitethetendencytoprioritizedevelopmentthat“theenergytransitionwillcreate14millionfinanceforlargeprojectsincountrieswithwell-jobsrelatedtocleanenergytechnologiesby2030”establishedrenewableenergysectors,smaller-scaleandanother16millioninareassuchasretrofittingprojectsinregionswithlimitedtechnicalcapacityandconstructingenergy-efficientbuildingsandcanhaveamoresignificantimpactproportionally.manufacturingnewelectricvehicles.OntheotherForinstance,thereturnfromcarbonabatementperhand,aboutfivemillionpeoplecurrentlyemployeddollarinvestedinanemergingcountrylikeIndonesiainfossilfuelindustriesmayfacejoblossesdueissignificantlyhigherthanindevelopedcountries.tothetransition,49andunfortunately,manyofAsubstantialgapremainstobefilledwithregardtothemmaynotbewell-equippedtotransitiontoachievingSustainableDevelopmentGoal7,whichthesenewsectors.Understandingthespecificaimstoensureaccesstocleanandaffordablecharacteristicsandskillrequirementsoflow-carbonenergyforallby2030.Beyondarelianceonmarketjobsandbridgingthegaps–spatial,temporalanddynamics,thereisanopportunitytoleverageeducational–betweenlostandnewjobsremainsaphilanthropies,developmentfinanceinstitutionschallenge.Evidencesuggeststhatlow-carbonjobsandprivatecapitaltocatalysethesepartnershipstypicallydemandahighlevelofskills,especiallyinandensurethatfinancingisdirectedtowhereitcantechnicalroles,whichactsasabarriertoentryforhavemaximumpositiveimpact.thesepositions.50TobridgethisgapandensurecommunityinvolvementandreadinessforthejobAtthecommunitylevel,therightupfrontfinancingopportunitiesstemmingfromtheenergytransition,needstobebrokendownintosmallticketsizesitiskeytoalignlocaleducationwiththeseandinnovativepaymentstructuresthatincentivizeprospects.ThischallengeunderscorestheneedprivatesectorinvolvementthroughSMEsareforimmediateactionandcallsforunprecedentedneededtomakeproductsaccessibletoperipheralcollaborationamongcommunities,policy-makersorvulnerablesegmentsofsociety,includingthoseandbusinesses.inadvancedeconomieswhostrugglewithenergypoverty.Additionally,thedigitalizationoffinancialItrequiresafocusonreskillingindividualswhoservicescanimproveaccesstofinanceforlocalwilllosetheirjobsduetothetransition,providingcommunitiesandindividuals,fosteringtrustandnewskillsandtrainingforthosewhowillbenefitinclusivityintheenergytransition.fromnewlycreatedjobs,andmandatingthesourcingofgoodsandequipmentfromdomestic3.Educationandhumancapitalsupplychainstopromotejobcreationandsustainemployment.51Investmentsinretrainingandthea.Jobcreation,andreskillingandtransferabilityofskillsfromthefossilfuelsectorupskillingincumbentworkersaffectedtothecleanenergysectorarevital.Skillsfrombytheenergytransitiontheoilandgasindustry,forexample,canbetransferredtoareaslikeoffshorewind,carbonAstheglobalenergytransitiongainsmomentum,itcaptureutilizationandstorage,andlow-carbongasisalsoexpectedtobringsignificantchangestotheproductionandtransport.Similarly,theexpertiseofjoblandscape.TheInternationalEnergyAgency’scoalminerscanbeappliedtothegrowingcritical2022reportWorldEnergyEmploymentestimatesmineralsindustry.Remediatingfossilfuelsitesalsorequiresmanyofthesameskillsprevalentamongworkersintheseindustries.52BuildingTrustthroughanEquitableandInclusiveEnergyTransition19Distributed4.Infrastructuretomorethan60%ofAfrica’soff-gridpopulation.53renewableenergyBeyondprovidingdirectbenefitstolocaloptions,suchasa.Long-durationplanningandforward-lookingcommunitiesintermsofenergyaccess,theseoff-small-scalesolarstrategiesthatexpandelectricityaccesstogridalternativescontributetoimprovedlivelihoods,systemsandmini-underservedregionscreateopportunitiesforentrepreneurshipandgrids,couldbethesupportincomegeneration.mostcost-effectiveFailuretoprioritizelong-terminfrastructureplanningwaystoprovideandsocialequityconsiderationscanhindertheThepaceandscaleoftheenergytransitionpowertomorethanpaceofthetransition.Thereisagrowingrealizationnecessitateamultifacetedapproachthat60%ofAfrica’soff-thatgridinfrastructureisbecomingabottleneck.encompasseslong-termplanning,formulationofgridpopulation.Whiletheemphasisonaddingmorerenewablescomprehensive,forward-lookingstrategiesthatisvalid,thereisalsoaneedtoensurethatgridsprovideindustrywiththenecessaryvisibilitytocanefficientlyevacuatethisenergytowhereitisexecutethetransitioneffectivelyandanunparalleledneeded.InregionslikeSub-SaharanAfrica,whichislevelofcollaborationnotjustacrosssectorsmassivelyunderservedandwheregriddevelopmentbutalsostakeholdersandgeographies.Thismaytakedecades,itisessentialtoprovidepracticalcollaborativeeffortisnotlimitedtoinfrastructure;andsustainablesolutionstoimproveenergyitextendstosupplychainsaswell.Afragmentedaccess.Distributedrenewableenergyoptions,suchapproachtosupplychains,withcountriespursuingassmall-scalesolarsystemsandmini-grids,couldisolatedstrategies,canbecounterproductiveandbethemostcost-effectivewaystoprovidepowersignificantlyslowdownthetransition.5.InnovationThecurrentpaceoflow-carboninnovationfallsshortoftheurgencyrequiredforthetransition,withaslowdowna.Rapiddeploymentofexistingcleaninclimate-relatedfrontierinnovationobservedinmostenergytechnologiesandacceleratingmajorinnovatingcountriesoverthepastdecade,thedevelopmentanddiffusionofnewexceptforDenmark.55Thisslowdowndirectlyaffectstechnologiestomeettheneedsofdevelopingcountrieswherethesetechnologiesaredevelopingcountriesnotmadereadilyavailableduetounderdevelopedecosystemsortradebarriers.AddressingtheseAchievingthegoalofnet-zeroemissionsbychallengesnecessitatestheimmediatedevelopmentof2050hingesontwocriticalcomponents:rapidrobustpoliciesandinstitutionsthatsupportinnovationdeploymentofexistingcleanenergytechnologies,andtechnologytransfer.eitherindependentlyorbyleveragingexistinginfrastructure,andtheaccelerateddevelopmentInrecentyears,emergingeconomieslikeChinaofnewtechnologies.AcceleratingthedeploymentandIndiahavedemonstratedtheirabilitytorapidlyofcleanenergytechnologiesatscale,particularlyadoptandevenleadinnewenergytechnologiesandinemerginganddevelopingeconomieswherevaluechains.Chinahasseensignificantgrowthintheyareneededthemost,requiresasignificantareaslikebatteries,electromobilityandhigh-voltagereductionincost,formulationofnewbusinesstransmission,whileIndiahassubstantiallyexpandeditsmodels,supportivegovernmentpoliciesandrenewableenergycapacityandmadeadvancementsopenmarketsthatallowfortechnologytransfer.incleanhydrogen.ToreduceuncertaintiesassociatedSimultaneously,nascenttechnologieslikegreenwiththesetechnologies,facilitatetheirwidespreadhydrogenandbio-basedproductsrequireadoptionandfosterfurtherinnovation,itisimperativefurtherdevelopmentandstrategiestoensuretostrengtheninternationalcooperation,promotetheiraccessibility,affordabilityandadoptioninknowledgesharingamongstakeholdersandadaptdevelopingcountries.54solutionstolocalcontextsandpriorities.BuildingTrustthroughanEquitableandInclusiveEnergyTransition20ConclusionThepaceandscaleoftheglobalenergytransitionAboveall,itrequiresafairdistributionandposeunprecedentedchallengesandextraordinaryaccessibilityofboththebenefitsandopportunities,opportunities.Astheworldgrappleswiththeurgentactiveinvolvementofdiversestakeholdersinneedtodecarbonize,ithasbecomeincreasinglydecision-makingprocessesandspacefortheclearthatthistransformationmustbecarriedoutinclusivedevelopmentofall,theacknowledgementinajust,equitableandinclusivemanner.Anenergyandrectificationofpastinjusticesandensuringtransitionrootedintheseprinciplesisnotmerelyanooneisleftbehind.Theseprinciplesformthemoralimperativebutastrategicnecessity.Failingtofoundationofajust,equitableandinclusiveadoptapeople-centredapproachandaddresstheenergytransitionthatprioritizesthewell-beingofsocioeconomicimplicationsofthistransitionnotonlyindividualsandtheplanet.riskstheentireenergytransitionbutalsothreatenstoerodethetrustrequiredforcollectiveprogressAddressingthechallengesanddivergencestowardsclimateandenergytransitiongoals.createdbyanunequaltransition,alongsidecriticalquestions,caninformfuturedecision-Theenergytransitionisinherentlycomplex,withmaking,shapingthenecessaryadjustmentsandfar-reachingimplicationsforsociety,theeconomyenhancementswhilefosteringcollaborationandandtheenvironment.Anunjust,inequitableandnon-innovationamongkeystakeholders.Enhancinginclusivetransitionmanifestsinvariousways,includingcollaborationiskey,asthesechallengescannotdisparitiesinenergyaccess,pricevolatility,affordabilitybeaddressedinisolation.Theyareasharedconstraints,unequaljobimpactsandfinanceresponsibilitythattranscendsgeographicalandallocations.Addressingthesechallengesandfosteringsectoralboundaries.thenecessarytrustrequiresamultifacetedapproachgroundedinspecificmeasures,concertedeffortsandAstheworldstandsatacrossroads,stakeholderspartnershipstructureswhererolesareclearlydefined.mustdecidewhethertoharnessthepotentialforamoreequitable,sustainableandprosperousfuture,Thisentailsthedevelopmentofregulatoryandfiscalthusallowingforasmoothenergytransition,orriskpolicies,andtargetedinterventionsthataddresstheexacerbatingdivisionsandinequalitiesthatcouldneedsofvulnerablestakeholders.Italsoinvolvesunderminetrustandslowprogress.directinginvestmentstowardsregions,countriesandcommunitieswheretheycanhavethemostInnavigatingtheseunchartedterritories,itissignificantimpact.Forward-lookingstrategiesareimportanttorecognizethatthechoicesmadeessentialtoensurecleanandreliableenergyfortodaywillshapethefutureoftheenergysystem.all,alongsidecommitmentstojobcreationandThepathtoajust,equitableandinclusiveenergythereskillingandupskillingofworkersaffectedbytransitionmaybecomplex,butitisworthtaking,thetransition.Empoweringindividualstomakeasitpromisesamoresustainable,resilientandinformedchoicesabouttheirenergyconsumptionharmoniousworld.Itisthecollectiveresponsibilityiscrucial,asistherapiddeploymentofexistingofeveryindividualtoensurethatnooneiscleanenergytechnologieswhileacceleratingtheexcludedinthisjourney.innovationanddevelopmentofnewtechnologiesthatmeettheneedsofdevelopingcountries.BuildingTrustthroughanEquitableandInclusiveEnergyTransition21ContributorsWorldEconomicForumRobertoBoccaHead,CentreforEnergyandMaterials;LeadauthorMemberoftheExecutiveCommitteeSarahMoinEspenMehlumProgrammeAnalyst,CentreforEnergyHead,EnergyTransitionIntelligenceandRegionalandMaterialsAcceleration,CentreforEnergyandMaterialsProjectteamIreneVaroliProjectFellow,CentreforEnergyandMaterialsMohammedAlgeerProjectFellow,HarshVijaySinghCentreforEnergyandMaterialsActingHead,EquitableTransition,CentrefortheNewEconomyandSocietyAcknowledgementsTheWorldEconomicForumacknowledgesandBertrandMagnethanksthefollowingexperts,withoutwhoseSeniorEconomist,EuropeanInvestmentBankguidancethisreportwouldnothavebeenpossible.However,thereportdoesnotnecessarilyreflecttheDavidePuglielliviewsofthesecompaniesandindividuals.ExpertHeadofScenarioPlanningandadviceispurelyconsultativeinnatureanddoesGroupStrategicPositioning,Enelnotimplyanyassociationwiththetakeawaysorconclusionspresentedwithinthisreport.JohnScottHead,SustainabilityRisk,AdvisoryBoardMembersZurichInsuranceGroupMorganBazilianFridtjofUnanderProfessorofPublicPolicy,andDirectorChiefEconomist,AkerHorizonsofPayneInstitute,ColoradoSchoolofMinesDavidG.VictorLinBoqiangProfessor,InnovationandPublicPolicy,Dean,ChinaInstituteforStudiesinSchoolofGlobalPolicyandStrategy,EnergyPolicy,XiamenUniversityUCSanDiegoMichaelaCappanelliRigobertoArielYepez-GarciaHead,ClimateStrategy,Manager,InfrastructureandEnergySector,RiskMitigationandDisclosure,EniInter-AmericanDevelopmentBankLucyCraigExpertsDirectorofGrowth,InnovationandDigitalization,DNVLandeAbuduStandaloneSolarHomeSystemsComponentBrianEfirdLead(WorldBank)NigeriaElectrificationProject,Director,StrategicPartnerships,RuralElectrificationAgency,NigeriaKingAbdullahPetroleumStudiesandResearchCentre(KAPSARC)HarmeetBawaGroupSeniorVice-President;GlobalHeadRabiaFerroukhiofGovernmentandInstitutionalRelations,Director,Knowledge,PolicyandFinanceCentre,HitachiEnergyInternationalRenewableEnergyAgency(IRENA)BuildingTrustthroughanEquitableandInclusiveEnergyTransition22FatehBelaidPedroMatosGouveiaResearchFellow,KAPSARCExternalAffairsSeniorSpecialist,EDP,EnergiasdePortugalVeronicaCaciagliLongTermEnergyScenariosandPositioningSimonO’ConnellAnalyst,EnelChiefExecutiveOfficer,SNVXavierCasalsIbidunOludipeEnergyTransitionSeniorExpert,Adviser,AccesstoFinance,GermanPolicyUnit,IRENAInternationalCooperationMaximilianDauerDavidRableyProjectManagerKopernikusENSURE,SiemensManagingDirectorandGlobalEnergyTransitionLead,Energy,AccentureAndersJohannesEnghildHeadofStrategicSocialProgrammes,ØrstedMatsRinaldoPrincipalResearcher,ClimateActionIngoErkensProgramme,DNVChiefTechnologyInnovationatSmartInfrastructureElectrificationJoisaSaraivaandAutomation,SiemensProfessor,FundaçãoGetulioVargasAl-KarimGovindjiYusufSiddiquiHead,PublicAffairsandPolicy,DNVChiefExecutiveOfficer,EngroEnergyManojGuptaSamikshaSrivastavaChiefExecutiveOfficeratTPRenewableMicrogrid,Consultant,StrategyandConsulting,TataPowerEnergy,AccentureAndrewHerscowitzTatsuyaTerazawaExecutiveDirectorforNorthAmerica,ODIChairmanandChiefExecutiveOfficer,InstituteofEnergyEconomics,JapanSofianeKhatibStrategicAdviser,TrafiguraGroupAdeleTharaniSocialSustainabilityManager,ØrstedChristianKossinovDirector,CEOOffice,LaméVerreEurasianResourcesGroupHead,Strategy,InnovationandSustainability,SSEEnergySolutionsSophieKupplerScientist,KarlsruheInstituteofTechnologyProductionHelenaLeurentLaurenceDenmarkDirector-General,ConsumersInternationalCreativeDirector,StudioMikoBerniceLeeJoolsBondHoffmannDistinguishedFellowforSustainability;Editor,StudioMikoResearchDirector,Futures,ChathamHouseGeorgeMesserMathapeloMalaoDesigner,StudioMikoHead,Energy,EnvironmentandICT,DevelopmentBankofSouthernAfricaBuildingTrustthroughanEquitableandInclusiveEnergyTransition23Endnotes1.Olaberria,EandReinhart,C,TheReversalProblem:DevelopmentGoingBackwards,WorldBankBlogs,15April2022,https://blogs.worldbank.org/developmenttalk/reversal-problem-development-going-backwards.2.WorldBank,HealthandClimateChange,1December2023,https://www.worldbank.org/en/topic/health/brief/health-and-climate-change-:~:text=ArecentWorldBankstudy,SaharanAfricaandSouthAsia.3.InternationalEnergyAgency(IEA),EnergyAccess,n.d.,https://www.iea.org/topics/energy-access.4.TheAmericanCouncilforanEnergy-EfficientEconomy(ACEEE)definesahousehold’senergyburdenasthepercentageofincomespentonhomeenergybills.5.ACEEE,NationalandRegionalEnergyBurdens,n.d.,https://www.aceee.org/sites/default/files/pdfs/ACEEE-01EnergyBurden-National.pdf.6.IEA,WorldEnergyInvestment2023,2023,https://iea.blob.core.windows.net/assets/8834d3af-af60-4df0-9643-72e2684f7221/WorldEnergyInvestment2023.pdf.7.EuropeanCommission,EUleadsglobalinitiativeatCOP28totriplerenewableenergycapacityanddoubleenergyefficiencymeasuresby2030[Pressrelease],2December2023,https://ec.europa.eu/commission/presscorner/detail/en/ip_23_6053.8.Carley,SandKonisky,DM,Thejusticeandequityimplicationsofthecleanenergytransition,NatureEnergy,vol.5,August2020,pp.569–577,https://doi.org/10.1038/s41560-020-0641-6.9.IRENACoalitionforAction,Findingcommongroundforajustenergytransition:labourandemployerperspectives,2023,https://mc-cd8320d4-36a1-40ac-83cc-3389-cdn-endpoint.azureedge.net/-/media/Files/IRENA/Agency/Publication/2023/Aug/IRENA_Coalition_Just_transition_2023.pdf?rev=6f158d594088422e8e394d0bfc47f8d5.10.InternationalLabourOrganization,Guidelinesforajusttransitiontowardsenvironmentallysustainableeconomiesandsocietiesforall,2015,https://www.ilo.org/wcmsp5/groups/public/@ed_emp/@emp_ent/documents/publication/wcms_432859.pdf.11.AmericanAcademyofArtsandSciencesCommissiononAcceleratingClimateAction,ForgingClimateSolutions:HowtoAccelerateActionAcrossAmerica,2023,https://www.amacad.org/sites/default/files/publication/downloads/2023_Forging-Climate-Solutions.pdf.12.Susskind,Letal.,AUniversity-basedClinicalApproachtoRenewableEnergyFacilitySitingintheUnitedStates(Acceptedmanuscript),MITDepartmentofUrbanStudiesandPlanning,21July2023,https://dusp.mit.edu/sites/default/files/2023-09/susskind_et_al_clinics.pdf.13.WorldEconomicForum,FosteringEffectiveEnergyTransitionReport2023,2023,https://www3.weforum.org/docs/WEF_Fostering_Effective_Energy_Transition_2023.pdf.14.EuropeanEnvironmentAgency,“Towards‘justresilience’:leavingnoonebehindwhenadaptingtoclimatechange”,29June2022,https://www.eea.europa.eu/publications/just-resilience-leaving-no-one-behind.15.UnitedNations(UN)DepartmentofEconomicandSocialAffairs(DESA),VisionforanInclusiveSociety,2009,https://www.un.org/esa/socdev/documents/compilation-brochure.pdf.16.Koop,F,“LatinAmericaembraces‘justtransition’fortheclimate”,BrazilianReport,https://brazilian.report/latin-america/2023/03/03/just-transition-climate/-:~:text=Theenergytransitionrefersto,suchaswindandsolar.17.PublishWhatYouPayIndonesia,“SEA’sJustEnergyTransition:ACallforaFast,Democratic,Empowering,andEquitableEnergyTransitionintheRegion”,31August2023,https://pwypindonesia.org/en/seas-just-energy-transition-a-call-for-a-fast-democratic-empowering-and-equitable-energy-transition-in-the-region/.18.TheAssociationofSoutheastAsianNations(ASEAN)isapoliticalandeconomicunionof10statesinSoutheastAsia.19.WorldEconomicForum,GlobalRisksReport:Chapter2:DisorderlyClimateTransition,11January2022,https://www.weforum.org/reports/global-risks-report-2022/in-full/chapter-2-degrees-of-disorderly-climate-transition/.20.IEA,GuidebookforImprovedElectricityAccessStatistics,2023,https://iea.blob.core.windows.net/assets/cc0ed3f6-84e5-465c-920c-62f2be286db1/GuidebookforImprovedElectricityAccessStatistics.pdf.21.IEA,SDG7DataandProjections:Accesstocleancooking,n.d.,https://www.iea.org/reports/sdg7-data-and-projections/access-to-clean-cooking.22.WorldBank,“Report:COVID-19SlowsProgressTowardUniversalEnergyAccess”[Pressrelease],1June2022,https://www.worldbank.org/en/news/press-release/2022/06/01/report-covid-19-slows-progress-towards-universal-energy-access.23.IEA,WorldEnergyOutlook2022,https://www.iea.org/reports/world-energy-outlook-2022/outlook-for-electricity24.IEA,NetZeroRoadmap2023Update,2023,https://iea.blob.core.windows.net/assets/13dab083-08c3-4dfd-a887-42a3ebe533bc/NetZeroRoadmap_AGlobalPathwaytoKeepthe1.5CGoalinReach-2023Update.pdf.25.UNDESA,“Proposedglobalroadmapshowshowuniversalaccesstosustainableenergycanbeachievedby2030”,https://www.un.org/en/desa/sustainable-energy-can-be-achieved-2030.26.IEA,“Low-costsolutionscangivebillionsaccesstomoderncookingby2030,buttheworldisfailingtodeliver”,26July2023,https://www.iea.org/news/low-cost-solutions-can-give-billions-access-to-modern-cooking-by-2030-but-the-world-is-failing-to-deliver.27.UNDocumentRepository,AdaptationFinanceGapUpdate2023,AdaptationGapReport2023,2023,https://wedocs.unep.org/bitstream/handle/20.500.11822/43796/adaptation_gap_report_2023.pdf?sequence=1&isAllowed=y.28.IEA,NetZeroRoadmap2023Update,2023,https://iea.blob.core.windows.net/assets/13dab083-08c3-4dfd-a887-42a3ebe533bc/NetZeroRoadmap_AGlobalPathwaytoKeepthe1.5CGoalinReach-2023Update.pdf.BuildingTrustthroughanEquitableandInclusiveEnergyTransition2429.Berlin,KandWilley,F,“Thedebt-ceilingpermittingdealmissestherealproblemsholdingbacktheenergytransition”,AtlanticCouncil,8June2023,https://www.atlanticcouncil.org/blogs/energysource/the-debt-ceiling-permitting-deal-misses-the-real-problems-holding-back-the-energy-transition/.30.Khari,A,“TheScorpion’sSting:UnmaskingtheNon-AgnosticNatureofTechnology”,ForbesTechnologyCouncil,31August2023,https://www.forbes.com/sites/forbestechcouncil/2023/08/31/the-scorpions-sting-unmasking-the-non-agnostic-nature-of-technology/.31.Gordon,O,“Howtoachieveajusttransitionforfossilfuelworkers”,EnergyMonitor,16December2022,https://www.energymonitor.ai/just-transition/how-to-achieve-a-just-transition-for-fossil-fuel-workers/?cf-view.32.IEA,WorldEnergyEmployment,September2022,https://iea.blob.core.windows.net/assets/a0432c97-14af-4fc7-b3bf-c409fb7e4ab8/WorldEnergyEmployment.pdf.33.edie,“’Thisisidiocy’:GreeneconomyleadersslamPM’sbacktrackingonkeylow-carbonpolicies”,20September2023,https://www.edie.net/this-is-idiocy-green-economy-leaders-urge-pm-not-to-backtrack-on-key-low-carbon-policies/.34.Thisreportconsidersthreekeystakeholdergroups–governments,businessesandcommunitiesandcitizens.Additionally,publicandprivatefinancialinstitutions,energycompanies(includingoilandgas)andcivilsocietyplayvitalrolesinenablingajust,equitableandinclusiveenergytransition.35.Carley,SandKonisky,DM,Thejusticeandequityimplicationsofthecleanenergytransition,NatureEnergy,vol.5,August2020,pp.569–577,https://doi.org/10.1038/s41560-020-0641-6.36.NationalResourceGovernanceInstitute,JustEnergyTransition,n.d.,https://resourcegovernance.org/topics/just-energy-transition.37.InogenAlliance,“WhatistheJustEnergyTransitionandHowCanToday’sBusinessesPlayaRole?”,29June2023,https://www.inogenalliance.com/blog-post/what-just-energy-transition-and-how-can-todays-businesses-play-role.38.Schachter,CBandHolteng,E,“Businessinthejusttransition:Why,whatandhow?”WeMeanBusinessCoalition–TheLatestInsights,6July2023,https://www.wemeanbusinesscoalition.org/blog/business-in-the-just-transition-why-what-and-how/.39.EdelmenTrustBarometerSpecialReport2022:TrustandClimateChange,2022,https://www.edelman.com/sites/g/files/aatuss191/files/2022-11/2022EdelmanTrustBarometerSpecialReportTrustandClimateChangeFINAL_0.pdf.40.Carley,SandKonisky,DM,Thejusticeandequityimplicationsofthecleanenergytransition,NatureEnergy,vol.5,August2020,pp.569–577,https://doi.org/10.1038/s41560-020-0641-6.41.AmericanAcademyofArtsandSciencesCommissiononAcceleratingClimateAction,ForgingClimateSolutions:HowtoAccelerateActionAcrossAmerica,2023,https://www.amacad.org/sites/default/files/publication/downloads/2023_Forging-Climate-Solutions.pdf.42.WorldEconomicForum,FosteringEffectiveEnergyTransitionReport2023,2023,https://www3.weforum.org/docs/WEF_Fostering_Effective_Energy_Transition_2023.pdf.43.Lagarde,C,”Towardsanorderlyenergytransition”,29September2023,speechpresentedatthejointIEA-ECB-EIBHigh-LevelInternationalConferenceon“Ensuringanorderlyenergytransition:Europe’scompetitivenessandfinancialstabilityinaperiodofglobalenergytransformation,Paris,https://www.ecb.europa.eu/press/key/date/2023/html/ecb.sp230929~9cd14eddfc.en.html.44.Ayo,A,“Nigeriamustactwithcautionasitremovesfossilfuelsubsidies”,LondonSchoolofEconomicsandPoliticalScience,6July2023,https://blogs.lse.ac.uk/africaatlse/2023/07/06/nigeria-must-act-with-caution-as-it-removes-fossil-fuel-subsidies/.45.IEA,WorldEnergyOutlook2023,2023,https://iea.blob.core.windows.net/assets/26ca51d0-4a42-4649-a7c0-552d75ddf9b2/WorldEnergyOutlook2023.pdf.46.Ayo,A,“Nigeriamustactwithcautionasitremovesfossilfuelsubsidies”,LondonSchoolofEconomicsandPoliticalScience,6July2923,https://blogs.lse.ac.uk/africaatlse/2023/07/06/nigeria-must-act-with-caution-as-it-removes-fossil-fuel-subsidies/.47.Ogunbiyi,D,“Euroviews:Peoplepowermustbeatthecoreofallcleanenergyplans”,Euronews,17October2023,https://www.euronews.com/2023/10/17/people-power-must-be-at-the-core-of-all-clean-energy-plans.48.Herscowitz,A,“Howtobetterdeploydevelopmentfinancetofundtheenergytransition”,WorldEconomicForumDavosAgenda,4September2023,https://www.weforum.org/agenda/2023/09/development-finance-to-combat-climate-change-energy-transition/.49.IEA,WorldEnergyEmployment,September2022,https://iea.blob.core.windows.net/assets/a0432c97-14af-4fc7-b3bf-c409fb7e4ab8/WorldEnergyEmployment.pdf.50.Saussay,Aetal.Who’sfitforthelow-carbontransition?Emergingskillsandwagegapsinjobaddata,CentreforClimateChangeEconomicsandPolicyWorkingPaper406/GranthamResearchInstituteonClimateChangeandtheEnvironmentWorkingPaper381,LondonSchoolofEconomicsandPoliticalScience,https://www.lse.ac.uk/granthaminstitute/wp-content/uploads/2022/10/working-paper-381-Saussay-et-al.pdf.51.Mehta,A,“Thereskillingchallenge:howcanweleavenoonebehindintheenergytransition?”26April2023,https://www.reuters.com/business/sustainable-business/reskilling-challenge-how-can-we-leave-no-one-behind-energy-transition-2023-04-26/.52.DNV,CultureRevolution,n.d.,https://www.dnv.com/Publications/culture-revolution-245779.53.IEA,“Newstatisticsguidebookforuniversalelectricityaccessaimstohelpgovernmentsreachsustainableenergygoalby2030”,6April2023,https://www.iea.org/news/new-statistics-guidebook-for-universal-electricity-access-aims-to-help-governments-reach-sustainable-energy-goal-by-2030.54.OECD,Drivinglow-carboninnovationforclimateneutrality,March2023,https://web-archive.oecd.org/2023-04-03/654733-policy-brief-driving-low-carbon-innovations-for-climate-neutrality.pdf55.Ibid.BuildingTrustthroughanEquitableandInclusiveEnergyTransition25TheWorldEconomicForum,committedtoimprovingthestateoftheworld,istheInternationalOrganizationforPublic-PrivateCooperation.TheForumengagestheforemostpolitical,businessandotherleadersofsocietytoshapeglobal,regionalandindustryagendas.WorldEconomicForum91–93routedelaCapiteCH-1223Cologny/GenevaSwitzerlandTel.:+41(0)228691212Fax:+41(0)227862744contact@weforum.orgwww.weforum.org
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