Achieving a Fossil-Free Recovery
Governments worldwide are announcing their net-zero pledges while supporting their economic recovery from the COVID-19 crisis. It is critical that both go in the same direction to achieve a fossil-free recovery.
To meet the #SDGs and #NetZero emissions pledges, governments need to implement a #FossilFreeRecovery by shifting public money away from fossil fuels and toward clean energy.
In 2020, governments in the #G20 and 11 other major economies committed at least USD 277 billion to fossil fuel-intensive sectors, 47% of all recovery funds spent on energy production and consumption. We are not on track to achieve a #FossilFreeRecovery—yet.
To change course to a #FossilFreeRecovery, governments must: (1) end fossil fuel production subsidies, (2) reform fossil fuel pricing, (3) support clean energy, (4) incentivize investment in clean electricity, and (5) implement a #JustTransition.
In 2020, governments in the G20 and 11 other major economies committed at least USD 277 billion to fossil fuel-intensive sectors—47% of all recovery funds spent on energy production and consumption. This is on top of the usual hundreds of billions of USD spent on fossil fuel subsidies each year outside of COVID-19 stimulus measures. We are running out of time to change course, and if this opportunity is missed, it could lock us into a fossil fuel future that we cannot afford. This report lays out a blueprint of how to do so, proposing five principles that governments can follow to boost their economies, create jobs and at the same time meet climate and development targets.
Senior Policy Advisor
Director, Energy Program, Just Transitions and Canada
Director, Energy Program, International Strategy
Senior Policy Advisor
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