Report: Five principles for equitably managing a phase-out of extraction

by Greg Muttitt, Oil Change International


Highlights

A new study in the journal Climate Policy has laid out steps to a sustainable and just energy transition away from fossil fuel extraction.

  • Wealthy countries such as Canada, the United States, and Norway are using funds to bail out their oil industries while less fortunate countries must make difficult financial decisions in response to the COVID-19 pandemic 
    • This shows the disparities of the worlds unsustainable and unjust energy transition
    • These wealthier countries must exceed global targets for emissions reductions
    • Poor countries will face a more difficult transition if their economy is based on fossil fuel extraction
  • The five principles of an early fossil fuel phase-out:
    1. Phase down global extraction at a pace consistent with limiting warming to 1.5°C.
      • Globally fossil fuels must be largely phased out by 2050
    2.  Enable a Just Transition for workers and communities.
      •  Training fossil fuel industry workers to transition into clean energy jobs and protecting communities who rely on fossil fuel industry income
    3. Curb extraction consistent with environmental justice.
      • Ending fossil fuel extraction should be prioritized in frontline communities experiencing inequitable amounts of pollution
    4. Reduce extraction fastest where the social costs of a transition are the least
      • Wealthier countries should phase out extraction fastest because they have the funds to transition faster than poorer countries 
      • Graphic from PriceOfOil.org

    5. Share transition costs fairly, according to the ability to bear those costs.

Fossil fuel divestment and the transition to 100% clean energy is critical to achieving The Climate Center’s goals under the Climate-Safe California Platform.


Read more: http://priceofoil.org/2020/06/01/countries-need-to-phase-out-fossil-fuels-heres-how-to-do-it-fairly/

Nina Turner
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