Exploring the Concept of a Just Transition in the Energy Sector

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The chapter explores the concept of a just transition in the context of phasing out fossil fuels and emphasizes the need to consider the social and economic impact on vulnerable groups. It also discusses the trilemma of energy affordability, sustainability, and security and how a just transition can assist countries in transitioning to less carbon-intensive energy sources.

Every year we bring you coverage of the ‘Conference of the Parties,’ or COP, the annual UN summit that convenes world leaders to work together on solutions to tackle climate change. This year’s conference, COP28, takes place in Dubai in the United Arab Emirates starting Nov. 30.

In today’s episode of the ESG Insider podcast, we’re talking about what to expect from the gathering, including what’s at stake and what big themes will be discussed.

We talk to Saugata Saha, President of S&P Global Commodity Insights. He explains the significance of the first-ever global stocktake that will be discussed and finalized at COP28. The stocktake is a process for countries and stakeholders to assess progress toward meeting the goals of the Paris Agreement on climate change. Saugata also talks about the path to phasedown and phaseout of fossil fuels.

And we talk to Dan Feldman, a former ambassador who served as Chief of Staff and Counselor to US Secretary John Kerry when he was appointed the first Special Presidential Envoy for Climate by US President Joe Biden. Dan is now Co-Chair of the ESG and Business & Human Rights practices at law firm Covington & Burling. He explains how the conference will unfold and the different players involved from both the public and the private sector.

“We need to have everyone here under the tent,” Dan says. "Everyone, including the private sector, has a really significant role to play."

Learn about events S&P Global Sustainable1 is hosting during COP28 here: https://www.spglobal.com/esg/events/cop28-in-person-event

Read COP28 insights from S&P Global Commodity Insights here: https://www.spglobal.com/commodityinsights/en/market-insights/topics/2023-climate-change-conference-unfccc-cop28

Listen to a previous podcast episode on the topic of Article 6 here: https://www.spglobal.com/esg/podcasts/at-cop26-why-article-6-matters-to-companies-and-investors

This piece was published by S&P Global Sustainable1, a part of S&P Global.

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