On the Energy thematic day at COP28, The Energy and Resources Institute (TERI) launched two policy briefs on Green Budgeting and Internationalizing Lifestyles for Sustainable Development at its event on ‘Just Energy Transitions and SDGs: Tools and Enablers’ at COP28. The event was organized in collaboration with TERI School of Advanced Studies (TERI SAS), Asia Society Policy Institute (ASPI), and the Center for International Climate Research (CICERO). The discussions focused on tools to achieve sustainable energy transitions as outlined in the Paris Agreement and 2030 Agenda for Sustainable Development.
Dr Vibha Dhawan, Director General, TERI, opened the session and emphasised that as countries enter a phase of strenuous negotiations at COP28, it is pertinent to focus on achieving inclusive transitions and move climate finance commitments from billions to trillions. At COP28, so far, we have not seen the needle move from billions to trillions. “We need development models that are built around sustainable development, just transition, circularity, and inclusivity. This means more climate finance for developing countries”, she added.
Ambassador Manjeev Singh Puri, Former Diplomat and Distinguished Fellow, TERI, chaired the session and set the tone of the discussions by highlighting the complexity around defining just transitions and the need for it to be equitable and affordable. The other key speakers for the ‘High Level Segment’ included Dr Ajay Mathur, Director General, International Solar Alliance (ISA), Mr Ramesh Subramaniam, Director General, Asian Development Bank (ADB), Mr Fabby Tumiwa, Executive Director, Institute for Essential Services Reform.
Dr Mathur remarked on the need for local ownership and investment in people at the ground level to achieve just transitions. Mr Subramaniam emphasized on just transition finance which needs to work in parallel to climate finance and address the socioeconomic challenges related to the climate transition. “Financial institutions have total assets of USD 486.6 trillion in 2021 and mere 1.4% of this amount could close the SDG financing gap of USD 7 trillion”, he added. Mr Tumiwa, spoke on Indonesia’s experience with energy transitions and argued that to implement JETP, it needed additional elements such as clean technology; investment capital at reasonable cost; and partnerships with other countries on technology and investment practices.
It was followed by the launch of Act4Earth policy briefs on – ‘Advancing Environmental and Climate Goals Through a Multidimensional Model of Green Budgeting’ and ‘Internationalizing Lifestyles for Sustainable Development’. On Green Budgeting, Dr Shailly Kedia, Senior Fellow, TERI, emphasised a multidimensional model of green budgeting to contribute to climate and green transitions planning, resource allocation, and implementation. Green budgeting is a self-assessment tool which has the potential to not just mobilize public finance for climate and sustainability actions but also identify gaps. This will then help in designing programmes that can be based in international climate finance mechanisms including those announced at COP28.