Transitioning away from fossil fuels: delivering the transition in low- and lower middle-income fossil fuel producing countries
Author(s)
Foster, Vivien
Brandmayr, Caterina
Type
Report
Abstract
Key points
• Following the commitment at COP28 to transition away from fossil fuels, it is imperative that countries set out robust plans to deliver a shift towards clean energy systems and away from fossil fuels production and consumption.
• Depending on their natural resources and economic make up, low and lower middle-income countries will have to deliver an economic and a just transition, alongside an energy transition.
• These countries face significant challenges to shifting their energy systems and realigning their economies, including limited access to finance and weak governance.
• A larger scale, more programmatic approach to finance that goes beyond traditional climate finance is needed to enable low and lower middle income fossil fuel producing countries to address these multiple transitions.
• An approach known as Data to deal can help ensure the next round of Nationally Determined Contributions provide a credible plan and effectively signal investment needs to the international finance community.
A rapid move away from fossil fuel production and consumption is vital to meet the Paris Agreement temperature goal, as highlighted in the latest IPCC assessment.
• Following the commitment at COP28 to transition away from fossil fuels, it is imperative that countries set out robust plans to deliver a shift towards clean energy systems and away from fossil fuels production and consumption.
• Depending on their natural resources and economic make up, low and lower middle-income countries will have to deliver an economic and a just transition, alongside an energy transition.
• These countries face significant challenges to shifting their energy systems and realigning their economies, including limited access to finance and weak governance.
• A larger scale, more programmatic approach to finance that goes beyond traditional climate finance is needed to enable low and lower middle income fossil fuel producing countries to address these multiple transitions.
• An approach known as Data to deal can help ensure the next round of Nationally Determined Contributions provide a credible plan and effectively signal investment needs to the international finance community.
A rapid move away from fossil fuel production and consumption is vital to meet the Paris Agreement temperature goal, as highlighted in the latest IPCC assessment.
Date Issued
2024-10-21
Citation
Grantham Institute background briefing, 2024, pp.1-6
Publisher
Imperial Grantham Institute
Start Page
1
End Page
6
Journal / Book Title
Grantham Institute background briefing
Copyright Statement
© 2024 The authors, produced for The Grantham Institute. This work is licensed under the terms of the Creative Commons Attribution-Non-Commercial-No-Derivatives 4.0 International License. This license permits all or part of the work to be copied and shared with others, provided that the original authors and source are credited.
Publication Status
Published