Policies to Facilitate the Global Energy Transition

Abstract

The transition to a green and sustainable economy requires a combination of well-thought-out industrial policy, significant investment and a strong commitment to social justice. Recognizing these imperatives, G7 leaders have taken on these challenges and set out an ambitious plan to ensure that no one is left behind in this crucial transition for the future of our planet. As G7 policies are implemented, emerging differences will be resolved through dialogue, cooperation, coordination and collaboration with international partners to support global decarbonization efforts. At the recent Group of Seven (G7) summit, world leaders recognized that achieving the goals of the Paris Agreement requires concrete and coordinated actions to facilitate the global energy transition. They emphasized that this process will require significant incentives and innovative industrial policies, along with substantial investments from public and private sources. Moreover, the G7 decided at this meeting that together, they will develop policies and practices that promote global trade and investment designed to maximize the use of clean energy and jobs for all states. Also, at EU level, measures such as green trade agreements and international partnerships are essential to reduce emissions and prevent carbon leakage, while ensuring a fair and sustainable transition for all parties involved.