Breakout Room 4: Finance by Tino Chikwanha

Just Transitions

tnchikwanha — 2024-04-26 15:33:54 UTC

3,5 billion people who are in the workforce globally

social dialogues between workers and employers for bargaining on working conditions
This needs to happen across different sectors
Labour's rights within companies is important fron a climate perspectives
Green Jobs involve phasing out fossil fuels
As a YOUNGO member, think of yourself as an activist; think about the materials you use
Contest profits and wealth - who is taking most of the profits from the work that you do

NDC

tnchikwanha — 2024-04-26 15:40:45 UTC

NDCs are pathways on reducing emissions and creating low carbon economy
38 NDCs include JT
Rapid clean energy transitions can lead to job losses of people who work in fossil fuel sectors
JT can ease the negative impacts and helps build public support
It will unlock opportunities through and through innovation
Interpreting JT in NDCs will support reskilling workers and will provide workers
JT are essential, it will lead to inclusive strategies- people will be supportive if they no they will not be left behind

Adaptation

tnchikwanha — 2024-04-26 15:52:21 UTC

JT came from labour movements of the workers camping to move away from environmentally hazardous jobs
we need to move away from fossil fuels and to clean energy, low carbon economies
there is need to give alternative and decent jobs
need to enable the wages and opportunities of the people are livable
move away from business as usual approach
Green-recovery based on the "Build forward better" that came after COVID
Younger generations need to participate in the transitions
Transition will bring challenges, especially unequal impacts - everyone will be affected differently
GS countries demand reparations from GN countries -they have developed enough, and GS has not reached there.
GS need approaches where people are covered
marginalised communities, including women, children and youth, Persons with disabilities
young people need to be involved in processes, from implementation to monitoring
human capital need to be focused on through upskilling and reskilling
development policies need to be reviewed
governments need to increase access of skilling opportunities and acquisition and recognition for marginalised youth
Recommendations: govt needs to develop support for people; local solutions are needed

tnchikwanha — 2024-04-26 16:06:43 UTC

there are financial changes that support climate justice in place but they are slow
financial system transition
Climate alignment - Financial System needs to finance projects are build climate resilience
Social Justice - every financial decision should be mindful of it affects the social fabric; research has should approx. 400 financial institutions do not take into account the social impact of their decisions
global inclusion - emerging countries will need 2,14 trillion per year at least 1 trillion needs to come from public funds
finance is not flowing - short term profits are the priorities over long term ESG priorities
Financial Institutions lack checklists that guidelines to help guide them with good policies, rules and
there is uncertainty on what justice means
JT needs to be financed - if the funds do not come, there will be no JT
JT is complex - justice means different things to different people
YOUNGO can push for intergenerational push on JT
New Collective Quantified Goal; Article 2.1c Sharm el Sheikh work plan and gender equity and Standing Committee on Finance and JTWP are the focus for the Finance and Market WG
500 trillion

2024-04-26 16:20:11 UTC

- Thaynara Leal

1. Growth trend in demand for energy, mainly in light of the energy insecurity we have in developing countries, for example, the water crisis in times of major events in the face of the climate crisis;

2. Need to update subsidies, laws and regulatory frameworks for the energy transition

3. The fact that new technologies and infrastructure still require development, scale and competitiveness, especially looking at the production of Green Hydrogen, wind and other more expensive renewable sources

4. The lack of clear and consistent policies regarding the energy transition and the need for alignment between different sectors of the government, in addition to political resistance, hindering the effective implementation of the fair energy transition.

5. The lack of significant investments necessary for the energy transition, and specifically, due to the historical dependence on traditional energy sources and already established economic interests (the oil lobby and energy distributors).

6. Need for coordination between different sectors, such as energy, environment, economy and impacted society, is crucial. The integration of efforts is essential to ensure a fair and efficient transition.

7. Resistance from traditional sectors such as industries linked to fossil fuels, resisting the transition due to established interests. Overcoming this resistance is essential to move towards cleaner sources.

And finally, the need to integrate Public Policies with the Private Initiative for the effective implementation of new renewable energy alternatives, especially in vulnerable territories without access to electricity.

2024-04-26 16:23:10 UTC

Lina - Political unwill and misinformation when it comes to the economic system. Also polarisation, putting people and environment across each other instead of emphasizing, researching and considering the synergies between investing in both people and planet.

2024-04-26 16:23:16 UTC

-Thaynara Leal

For example, in Brazil, we have numerous organizations that work locally, raising funds and partnering with companies and private initiatives to implement decentralized energy systems in communities and peripheries, such as REVOLUSOLAR and Energia e Comunidades.

And of course, in addition to these organizations, many local banks that are connected in some way with global funds, such as the Climate Fund, Amazonia Fund and BNDS, Banco Rural manage to create initiatives for the acquisition of systems and other renewable technologies for energy production in their houses, farms etc.

2024-04-26 16:23:18 UTC

- Thanh Truong -

a Just Transition would involve ensuring that economic shifts towards sustainability and environmental protection are fair and inclusive, especially for younger generations who will inherit the consequences of current decisions.

This could mean creating opportunities for young people to participate in green industries, promoting education and training programs focused on renewable energy and sustainable practices, and ensuring that marginalized youth are not left behind in the transition.

intergenerational justice and equity at the center of any decision

2024-04-26 16:24:15 UTC

2024-04-26 16:25:09 UTC

- Thanh Truong -

In Vietnam, while the government has made strides in certain areas of environmental conservation and sustainability, there is still much work to be done to ensure a truly just transition that benefits all members of society, especially the younger generation who will bear the brunt of climate change impacts.

Barriers and challenges to implementing a Just Transition in Vietnam may include resistance from traditional industries, lack of government support or policy frameworks, limited access to education and resources for youth in rural areas, and a lack of awareness or prioritization of environmental issues among the general population.

2024-04-26 16:25:11 UTC

Lina - Dutch Climate Movement and Labour Movement joining forces to demand transparent and green investment policies from big banks leading to protests and political pressure.

Economic Challenges - Fisayo

2024-04-26 16:30:45 UTC

Financial burden: The transition requires significant investments in clean technologies, infrastructure, and reskilling programs. This would strain governments and businesses, especially in developing countries like Nigeria and Kenya
Unequal impacts: The transition may disproportionately burden certain communities, like those reliant on fossil fuel industries or geographically vulnerable to climate impacts for example in Canada, Alberta employs more oil and gas workers than British Columbia

wadzanaikajawo — 2024-04-26 16:31:34 UTC

more youth opportunities and platforms; collaborative projects especially with government; promotion of activities for young people

wadzanaikajawo — 2024-04-26 16:38:40 UTC

gaps regarding assets - look into how investments are done and improve them
lack of access - it is apparent in Brazil
there are indigenous people within Brazil and their local perspective need to be captured
look into new technologies - research needs to be done
biomass and biofuels are possible energy sources
more efficient regulations and public polices that are connected to public initiatives and investments to help periphery sections of society
traditional sectors are resistant to shift
try to connect energy distributions and apply more efficient energy demands
public policy is biggest barrier in Brazil - there could be connection with global regulations

wadzanaikajawo — 2024-04-26 16:40:49 UTC

renewable energy was initially more expensive in comparison to fossil fuels, but now it is cheaper as time progress
the markets will not regulate themselves - policy needs to help so that shift can happen

wadzanaikajawo — 2024-04-26 16:43:02 UTC

lack of participation of the youth is a challenge
policy makers are not sensitive to demands
ACE group can support with mobilisation of youth and policy advocacy

wadzanaikajawo — 2024-04-26 16:46:49 UTC

reskilling investment is tricky - there are govts are already struggling with debt
Alberta employs more fossil fuel workers than British Colombia whose energy grid is mostly running on green energy
Expecting Alberta to transition at the same rate as British Colombia is unrealistic