![G20_T20Insight_Resources_170424-1-1.jpg](/sites/default/files/styles/featured_box_portrait_mobile/public/publication/G20_T20Insight_Resources_170424-1-1.jpg?h=f61ad192&itok=PbDOCYu4)
Green Shift to Sustainability: Co-Benefits & Impacts of Energy Transformation on Resource Industries, Trade, Growth and Taxes
IISD President and CEO Scott Vaughan, along with several representatives from various environmental NGOs, contributed to this G20 Insights policy brief on the benefits and impacts of energy transformation.
IISD President and CEO Scott Vaughan, along with several representatives from various environmental NGOs, contributed to this G20 Insights policy brief on the benefits and impacts of energy transformation.
Abstract
Energy transformation towards 100% renewable energy is economically inevitable, and socially and environmentally desirable, yet it may produce negative signals in outdated statistics as fossil trade diminishes and the sector shrinks. This paradoxon should be addressed in a joint report by, e.g., IRENA, IMF, OECD, andthe World Bank, and the Task Force on Climate-Related Financial Disclosures.
Fossil fuel extraction and commodity trade will end, and fossil asset values erode. The industry’s role in capital formation, international trade, economic activity (GDP), and government revenue will decline. New energy systems, based on efficiency, renewables, storage, and smart management are cheaper to build, run and maintain. Growth of electricity use stimulates innovation, value creation, and growth in consumer rent, as renewable energy technologies harvest free environmental flows that are not traded and often for self-consumption. Total utility will grow while trade, GDP and the tax base may shrink. Reports should inform G20 Leaders, Ministers of Finance and Central Bank Governors on the true costs and benefits, and alert them to misleading signals.
Abstract retreived from www.g20-insights.org.
Participating experts
You might also be interested in
Why Liquefied Natural Gas Expansion in Canada Is Not Worth the Risk
An analysis of the economic and environmental risks of liquified natural gas expansion in Canada.
How Fossil Fuels Drive Inflation and Make Life Less Affordable for Canadians
New report takes closer look at how Canada’s dependence on fossil fuels impacts energy costs and prices of essentials such as transportation, home heating, and housing.
Avoiding Trade Concerns in the Design of Plastic Pollution Measures
IISD provides insights on aspects of WTO members' plastics that have created friction with trading partners and suggests recommendations for the adoption of such policies in the future.
WTO Joint Initiative on E-Commerce State of Play
A finalized legal text of the e-commerce joint statement initiative agreement may be within reach: this report provides an overview of how close the participants are to the finish line and what remains to be agreed on.