A roundtable discussion with stakeholders from the C20 working groups, civil society organizations, and academia will be held on Wednesday, October 5, 2022 at 11:00-13:00 Bali Time (GMT+8) at Sawangan 4 Room, Hilton Hotel, Bali, Indonesia.
The world is witnessing unprecedented floods, droughts, fires, and other disasters fuelled or worsened by climate change. Communities are being affected by the interlinked issues that have been aggravated by energy poverty, food insecurity, and the COVID-19 pandemic.
A report by Fair Finance Asia indicates that coal still accounts for 74% of all electricity produced in India, 66% in China, 59% in Indonesia, 52% in the Philippines, 47% in Vietnam, and between 1% and 45% in the other eight Asian countries assessed which are also considered Asia’s linchpin nations for just energy transition (Fair Finance Asia 2021).
Despite critical climate, biodiversity, and just energy transition commitments by all G20 countries and the wider international community, the uptake of financial to adapt to the current need for energy transition has been slow, with investments still channelled towards fossil fuel based energy projects that contribute to serious issues of climate change and deforestation. The policy commitments too, due to Covid-19, have led to more investments in fossil fuel based power plants and coal mining sectors to meet the energy demands.
As Indonesia gears up to host the G20 Leaders’ Summit in Bali in November 2022, civil society organizations gather, along with representatives of G20 countries, to consider how governments and financial institutions are responding to these crises. A key question is what must be done differently to reallocate capital from harmful activities and towards truly sustainable and just outcomes.
In this two-hour session, speakers from the C20 Taxation and Sustainable Finance Working Group (TSFWG), Fair Finance Asia (FFA) and Rainforest Action Network (RAN), will present new evidence on the scale of financial sector involvement in sectors fueling climate change and deforestation and outline what a just energy transition means for Asia. Representatives from G20 Indonesia presidency will respond to these presentations and also share their own perspectives on financial sector reforms.
To join the discussion, click here.
For further details, please refer to the materials below:
Full “Future Without Coal” report, click here.