Posted on June, 11 2024

As leaders convene for SB60 in Bonn this June, extreme climate events are occurring all over the world; from the devastating floods in the south of Brazil, boiling temperatures in India, and even in Bonn it could be felt due to the trains disruptions caused by floods all over southern  Germany. Meanwhile emissions from fossil fuels are continuing to soar, and new areas for oil and gas exploration are being opened. 

With the International Energy Agency’s (IEA) new report warning us that the world is off track to honor the pledges and commitments made at last year's COP28 in Dubai, WWF is calling for a transformative Energy Transition Package to be used as a roadmap to keep 1.5°C within reach. 

An urgent and comprehensive shift towards a greener and equitable energy future, with 100% renewable energy, improved energy efficiency, energy access for all, and an equitable phase out of fossil fuels. WWF’s Energy Transition Package sets the minimum criteria so that pledges made at COP28, regarding energy, can have enough enabling conditions to be fulfilled through a faster, greener, fairer and funded energy transition, which parties can implement through their National Determined Contributions (NDCs). Let us explore the key elements that make this proposal a critical step forward for our planet and its inhabitants.

Faster: Accelerating the Transition

The urgency of the climate crisis cannot be overstated. Scientific consensus underscores the need to limit global temperature rise to 1.5°C to prevent rising severe environmental and societal consequences. WWF’s energy package proposal emphasizes the urgency of a swift transition, with developed countries moving first. It calls for the complete phase-out of all fossil fuels well before 2050, with coal phasing out first by 2030 in developed countries and by 2040 in developing ones. Followed by a transition from oil and gas at the latest by 2040 in developed countries and by 2050 for developing countries.

It is possible to increase the rate of electrification across all sectors by, for example, installing heat pumps and electric cooking in buildings, converting transport to electric vehicles including for public transportation that should be prioritized over private cars, and generating industrial heat with electric technologies such as electric arc furnaces and electric boilers. Electrification will enable greater use of renewables and massively increase in efficiency, decreasing the level of primary energy supply required to provide the same energy services.

This transition is not solely about reducing reliance on fossil fuels, it is equally about replacing them with renewable energy sources. WWF advocates for tripling renewable energy capacity and doubling the energy efficiency by 2030, with wind and solar energy replacing fossil fuels in the energy matrix. This vision is not merely aspirational; it is imperative. The transition would not only avoid creating stranded assets and costs from inaction, but it would bring rapid benefits such as lower energy bills, job creation, significant lower impacts on nature, cleaner air, and all the health benefits associated with those.    

Fairer: Ensuring Equity for All

While speed is critical, fairness must be a cornerstone of the energy transition. A just transition is key to ensure that no community is left behind. It must be socially and environmentally responsible, considering human rights, minimizing ecological disruption, and equitably sharing the burden and benefits of change, as well as providing energy access for all.

Prioritizing electrification is urgent in the transition away from fossil fuels. Electrification with renewable energy is the best solution for developing countries to gain energy access without having to rely on fossil fuels as bridging fuels. A critical step for countries to be able to leapfrog to renewable energy is to ensure developed countries support developing nations in their energy transition, through public finance, exchange of technology, and leveraging fair and appropriate private financing. Finance is needed not only to deploy solar and wind technologies and for efficiency improvements, but also for grid and microgrid infrastructure and for energy storage, sorely needed to guarantee energy access.

Funded: Redirecting Financial Flows

COP29 is gearing up to be the “finance COP”, with countries expected to agree a new climate finance goal, it is important that an emphasis is also placed on aligning all financial flows with environmental and societal goals. 

WWF’s Energy Transition Package calls for an immediate end to fossil fuel subsidies. These funds should instead be repurposed to support renewable energy initiatives and energy efficiency improvements. Developed countries have the responsibility to take the lead, assisting developing nations in achieving their energy transitions through both public finance and private investment.

The IEA’s report on investments in energy launched during the current Bonn negotiations points to a significant growth on investments in so-called clean energies (the IEA’s interpretation also includes nuclear energy). In 2024 global finance in “clean energy” is set to be double the amount going to renewables compared to fossil fuels. For a roadmap for 100% renewable energy by 2050, Beyond Fossil Fuels (BFF) suggests a 6 to 1 ratio of sustainable power supply financing to fossil fuel financing should be our target by 2030. 

This financial shift into the right direction is welcomed. But, also according to the IEA, it is still not on par with what is necessary to deliver the energy pledges made in COP28. It shows an imbalance in investments, with not enough finance going to the Global South and developing countries. While a clear shift to investments in renewable energy can be felt, it is still not equitable, but nevertheless shows not only an economic adjustment but a fundamental shift towards sustainability.

Greener: Towards a “livable” planet 

WWF’s Energy Transition Package is not a mere list of aspirations; it is a strategic roadmap to a more sustainable and equitable future. A Just Energy Transition needs to be aligned with social and environmental safeguards to ensure that human rights are considered and that disruption to nature is minimized. Nations must include these urgent actions on their NDCs, reflecting how the energy transitions can help countries shift to low carbon and climate resilient development trajectories. 

For a green livable future, countries must have the opportunity to embrace this vision of a faster, greener and fairer world. The future of our planet depends on our collective actions.