Achieving 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 and Lead, Indonesia
Senior Policy Advisor
Policy Advisor, Canada Energy Transitions
Director, Sustainable Energy
Co-Lead, Sustainable Energy Supplies
Senior Policy Advisor
You might also be interested in
Five Key Principles for a Fossil-Free Recovery
Lourdes Sanchez, lead author of Achieving a Fossil-Free Recovery, explains how the COVID-19 pandemic has created a window of opportunity to fund a green recovery, along with five principles to do so.
The Disparity Between Climate Commitments and Spending
Are governments missing a historic opportunity to fund green transitions? How has the pandemic affected the energy system? Tom Moerenhout explains.
Fossil Fuel Subsidy Reform and Taxation: Tools for a green recovery
Joachim Roth suggests two key ways to fund energy transitions during the COVID-19 recovery: fossil fuel subsidy reform and green taxation.
Nordic Environmental Fiscal Reform
Nordic countries have successfully used environmental fiscal reform (subsidies, taxation and spending) as an economic recovery tool to boost revenues, economic growth and employment while reducing greenhouse gas emissions and air pollution.