We invite you to join a regional workshop on Energy Transition on Tuesday, 14 December. The aim is to explain the four actions on energy transition agreed by the Board, discuss the current status including a new policy brief on Preparing for the energy transition: Key questions for countries dependent on oil, gas and mining. This workshop will provide a platform for EITI implementing countries in Asia to share examples of their work that links to the energy transition and to discuss how to fit this into work plans for 2022.
The energy transition is a global shift away from fossil fuels to renewable sources of energy, contributing to the wider transition to a decarbonised economy by mid-century. It is underpinned by a collective global commitment to keep global warming below 2˚C in line with the Paris Agreement and nationally determined contributions (NDCs). As global consumption of fossil fuels declines, countries that rely on revenues from petroleum and coal will have to contend with a decline in sectoral revenue.
The transition to a sustainable, decarbonized economy is now reshaping the extractive industries, and in turn the risks and opportunities they present for producer countries. This will have profound implications for what the good governance of extractive resources looks like, and for the kinds of data, disclosures and dialogues that will be required to support accountability.
EITI’s existing Requirements offer several entry points for engagement with transition. In many cases, better use could be made of existing disclosures, alongside publicly available information. The EITI can support resource-rich countries in addressing the economic implications of the energy transition. Analysis of data reported through the EITI – such as fossil fuel production and transportation revenues, social expenditures and environmental impacts – can help governments and citizens forecast how their economies may be impacted in the coming decades. EITI data-driven forecasting can provide evidence for policymakers to manage risks and leverage opportunities of the energy transition.
A detailed agenda for the workshop will follow.
Date: Tuesday, 14 December
Time: 09:00- 11:00 CET
English, Mongolian and Russian interpretation will be provided.