Ensuring a just transition is a key aim of COP26, making sure no nation, region or group of individuals are left behind, this will be dependent on government action in three core areas.
- Policy Certainty is needed to provide private sector actors the time and confidence to develop new business models and upgrade capacity to deploy new technologies and services, allowing all individuals to make the changes in a timely and costly manner
- Supply Chain Support through education & training is needed to develop the skills to provide the capacity to decarbonise at pace and mitigate the costs of transition in impacted sectors, whilst allowing individuals and nations to pivot their jobs and economies away from fossil fuels towards supporting clean energy transition
- Funding and investment options are needed to support hard to abate sectors such as home heating where the costs, if born exclusively by the individual, are likely to prove intolerably high.
We have seen progress in supporting a just transition through activities such as the COP26 Rapid Response Facility and we’re really excited to see what other progress can be made during COP26 itself.
Follow Baringa Partners on LinkedIn for more updates and thoughts on the run up to the COP26 conference and our obseravations and take-aways during the event itself.