Financing a Just Energy Transition Through Fossil Fuel Subsidy Reform

Date & Time: June 20, 2023, 4:30 pm – 6:00 pm IST

Developing countries require financial resources to address climate change, reduce greenhouse gas emissions, and promote adaptation, but they often lack domestic capital and need to rely on external funding. Meanwhile, developed countries have pledged to provide climate finance to developing countries, but support is slow to arrive. Fossil fuel subsidy reform could help developing countries unlock a large amount of funding to support climate mitigation and adaptation, but this will require shifting financing away from fossil fuels and towards a just energy transition.

In 2009, the G20 members committed to phase out and rationalize fossil fuel subsidies in the medium term. As of 2022, fossil fuel subsidies have not been phased out; instead, they exceeded USD 1 trillion globally for the first time—largely due to governments’ increased subsidies to cushion consumers from rising energy prices.

This official Civil 20 (C20) side event, will discuss the challenges and opportunities of reforming fossil fuel subsidies for different G20 members. It will look at options for generating new and additional sources of climate finance and for ensuring social and climate justice. The webinar will include inputs from speakers from Argentina, Brazil, Indonesia, India, Japan, and South Africa.

Opening Remarks
Presentation: Unlocking Finance with Fossil Fuel Subsidy Reform  
 Shruti Sharma, Senior Policy Advisor, IISD
Interventions from G20 Member Countries 
Argentina, Brazil, South Africa, and Japan
Panel Discussion
Closing Remarks