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Eliminate Fossil Fuels Subsidies and Put A Price on Carbon

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Eliminate Fossil Fuels Subsidies and Put A Price on Carbon

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Subsidies and other support to fossil fuel production and consumption have declined recently, but still amounted to $373 billion a year in 2015. Subsidy reform combined with carbon pricing could generate an estimated $2.8 trillion in annual government revenues or savings by 2030. Evidence from the 70 national and subnational economies that have put a price on carbon or are about to show it does not slow economic growth but provides a clear and steady signal for businesses, industries, and consumers to shift course. Even where carbon pricing is not yet in place, businesses and development finance institutions can implement shadow carbon prices to steer investments away from increasingly risky fossil fuel options. These measures will help reveal the value proposition of renewables and energy efficiency and level the playing field for investment.
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Innovative financing for improved energy efficiency in buildings is already powering economic growth, but we need to step up and expand the scope of policies to get investment to flow. Setting standards for buildings and appliance efficiency, better public procurement, combined with innovative financing and leveraging public-private partnerships have demonstrated results across the world. In India, a government-backed company, Energy Efficiency Services Limited, pools procurement to grow markets for high-efficiency lighting and appliances. The arrangement delivers more than 35 billion kilowatt hours in annual energy savings and $2.3 billion in cost savings. Other programs, such as the Property Assessed Clean Energy Programs (PACE) in the United States and those led by KfW in Germany, provide low-cost financing for energy efficiency investments, with impressive results. Combined, these two initiatives have saved billions of dollars over less than a decade of operation. Energy efficiency investment also generates up to three times the number of jobs as the same investment in fossil fuels.
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Create the Conditions for Phasing Out Coal

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Create the Conditions for Phasing Out Coal

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Diversifying economies, particularly those that are fossil fuel-rich, is not easy. Although renewable energy companies employed 10.3 million people worldwide in 2017 and are the fastest-growing source of jobs in several countries today, there will be transitional impacts at the regional and community levels. Even businesses that stand to gain from a phase-out of coal will benefit from government-led initiatives designed to deliver a just transition. As China has delayed or stopped work on 151 coal power plants, for example, it has also created a $15 billion fund for retraining, reallocating, and early retirement of the estimated 5-6 million people who would be laid off due to coal or steel sector overcapacity.
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Improve Access to Electricity and Clean Cooking

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Improve Access to Electricity and Clean Cooking

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By 2030, population growth combined with policy and financial gaps is expected to leave nearly 700 million people without power, and more than 2 billion without clean cooking. The potential for universal clean energy access to deliver economic and human health benefits is huge. Solar breakthroughs combined with high-efficiency lighting and appliances are lowering the costs of household electricity, while innovative consumer finance is improving affordability and expanding markets for decentralized solutions. According to the IEA, universal access to clean cooking alone could avoid 1.8 million premature deaths annually by 2030, free up billions of hours spent cooking or collecting fuelwood, and improve livelihoods for hundreds of millions of people.
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To stop global warming, we’ll need to zero out greenhouse gas emissions from billions of different sources worldwide: every coal plant in China, every steel mill in Europe, and every car and truck on American highways. It’s such an enormous task that it can be tough to figure out where to begin. Most power plants still burn coal, natural gas or oil, producing carbon dioxide that heats the planet. The good news is there are lots of available technologies that can produce electricity without emissions. France cleaned up its grid with nuclear power. California is aiming for zero-emissions electricity by 2045 by installing solar panels and wind turbines. Some companies plan to capture carbon dioxide from existing coal plants and bury it underground. As our power plants get greener, the next step is to rejigger big chunks of our economy to run on clean electricity instead of burning fossil fuels. For example, we can replace cars that run on gasoline with electric vehicles charged by low-carbon grids. We can replace gas-burning furnaces with electric heat pumps. Instead of steel mills that burn coal, shift to electric furnaces that melt scrap. Roughly another one-quarter of global emissions could conceivably be electrified in this fashion.

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