Full report
Published: 19 June 2024

Fostering Effective Energy Transition 2024

Endnotes

1. International Energy Agency. (2023). Overview and key findings. World Energy Investment 2023. https://www.iea.org/reports/world-energy-investment-2023/overview-and-key-findings.

2. Accenture Research

3. International Energy Agency. (2023). Executive summary. CO2 Emissions in 2023. https://www.iea.org/reports/co2-emissions-in-2023/executive-summary.

4. International Energy Agency. (n.d.). How is energy used in France?.https://www.iea.org/countries/france/efficiency-demand

5. International Energy Agency. (2023). Electricity. Renewables 2023. https://www.iea.org/reports/renewables-2023/electricity.

6. International Energy Agency. (n.d.). Russia’s war on Ukraine. https://www.iea.org/topics/russias-war-on-ukraine.

7. International Energy Agency. (2023). Strong policy progress on energy efficiency seen in 2023, but meeting climate goals means moving faster [Press release]. https://www.iea.org/news/strong-policy-progress-on-energy-efficiency-seen-in-2023-but-meeting-climate-goals-means-moving-faster.

8. International Monetary Fund. (2023). World Economic Outlook: October 2023. https://www.imf.org/en/Publications/WEO/Issues/2023/10/10/world-economic-outlook-october-2023.

9. World Economic Forum. (2024). Cost of capital in the climate net-zero transition. https://www.weforum.org/agenda/2024/01/cost-of-capital-climate-net-zero-transition/.

10. Maisonneuve. V. & C. Zilien. (2024). From pause to progression: renewable energy to regain ground?. Allianz Global Investors. https://www.allianzgi.com/en/insights/outlook-and-commentary/renewables-regain-ground.

11. Reuters. (2023). Global coal use at all-time high in 2023: IEA. https://www.reuters.com/sustainability/climate-energy/global-coal-use-all-time-high-2023-iea-2023-12-15/.

12. Maisonneuve. V. & C. Zilien. (2024). From pause to progression: renewable energy to regain ground?. Allianz Global Investors. https://www.allianzgi.com/en/insights/outlook-and-commentary/renewables-regain-ground.

13. International Energy Agency. (n.d.). Russia’s war on Ukraine. https://www.iea.org/topics/russias-war-on-ukraine.

14. United Nations Conference on Trade and Development. (n.d.). UNCTAD’s global trade update shows encouraging signs amidst persistent challenges [Press release]. https://unctad.org/press-material/unctads-global-trade-update-showsencouraging-signs-amidst-persistent-challenges.

15. Ibid.

16. Soumaré. M. (2024). International trade agreements news March 2024. World Economic Forum. https://www.weforum.org/agenda/2024/03/international-trade-agreements-news-march-2024/.

17. Teare. G. (2023). Global funding data analysis AI EOY 2023. Crunchbase News. https://news.crunchbase.com/venture/global-funding-data-analysis-ai-eoy-2023/.

18. Ibid.

19. BloombergNEF. (2024). Energy Transition Investment Trends 2024. https://assets.bbhub.io/professional/sites/24/Energy-Transition-Investment-Trends-2024.pdf

20. Teare. G. (2023). Global funding data analysis AI EOY 2023. Crunchbase News. https://news.crunchbase.com/venture/

21. Accenture estimates.

22. International Energy Agency. (2024). Bringing down the cost of capital is key to unlocking clean energy growth in emerging economies. https://www.iea.org/news/bringing-down-the-cost-of-capital-is-key-to-unlocking-clean-energy-growth-inemerging-economies.

23. Ibid.

24. Ibid.

25. European Commission. (2023). EU leads global initiative at COP28 to triple renewable energy capacity and double energy efficiency measures by 2030 [Press release]. https://ec.europa.eu/commission/presscorner/detail/en/ip_23_6053.

26. International Energy Agency. (2023). Executive summary. Renewables 2023. https://www.iea.org/reports/renewables-2023/executive-summary.

27. US Department of Commerce. (2023). Brazil – Country Commercial Guide. https://www.trade.gov/country-commercialguides/brazil-renewable-energy-infrastructure-0.

28. Ministry of New and Renewable Energy. (2022). Year End Review 2022: Ministry of New and Renewable Energy.

29. Bjerde. A. (2024). Lessons from India’s alternate development plan. The Indian Express. https://indianexpress.com/article/opinion/columns/lessons-from-indias-alternate-development-plan-9274584/.

30. International Energy Agency. (2020). Why carbon capture technologies are important. In The role of CCUS in low carbon power systems. https://www.iea.org/reports/the-role-of-ccus-in-low-carbon-power-systems/why-carbon-capturetechnologies-are-important.

31. International Energy Agency. (n.d.). Electricity in Germany. https://www.iea.org/countries/germany/electricity.

32. World Nuclear Association. (2024). Nuclear Power in Germany. https://world-nuclear.org/information-library/countryprofiles/countries-g-n/germany.aspx.

33. US Department of Energy. (2023). Inflation Reduction Act 2022. https://www.energy.gov/lpo/inflation-reduction-act-2022.

34. US Department of Energy. (2024). DOE releases first-ever roadmap to accelerate connecting more clean energy projects to nation’s grids. https://www.energy.gov/articles/doe-releases-first-ever-roadmap-accelerate-connecting-more-cleanenergy-projects-nations.

35. Eisenson. M. (2023). Opposition to renewable energy facilities in the United States: May 2023 edition. Sabin Center for Climate Change Law. https://climate.law.columbia.edu/content/opposition-renewable-energy-facilities-united-states-may-2023-edition.

36. International Energy Agency. (n.d.). Latvia.https://www.iea.org/countries/latvia.

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38. World Economic Forum. (2024). Accelerating an Equitable Transition: A Framework for Economic Equity. https://www.weforum.org/publications/accelerating-an-equitable-transition-a-framework-for-economic-equity/.

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51. Bian. L., L. Dikau, H. Miller & R. Pierfederici. (2024). China’s role in accelerating the global energy transition through green supply chains and trade. London School of Economics and Political Science. https://www.lse.ac.uk/granthaminstitute/wp-content/uploads/2024/02/Chinas-role-in-accelerating-the-global-energy-transition-through-green-supply-chains-andtrade.pdf.

52. Trade Finance Global. (2024). Europe sets ambitious 2030 green technology production targets.https://www.tradefinanceglobal.com/posts/europe-green-technology-trade-finance-global/.

53. Jiang. F., Y.V. Fan & J.J. Klemeš. (2021). Impacts for COVID-19 on energy demand and consumption: Challenges, lessons and emerging opportunities. Applied Energy, vol. 285, no. 116441. https://www.ncbi.nlm.nih.gov/pmc/articles/
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54. Ayub. S., S.M. Ayob, W.T. Chee & M. Waimoor. Analysis of energy management schemes for renewable-energy-based smart homes against the backdrop of COVID-19, Sustainable Energy Technologies and Assessments, vol. 52, part B, no.102136.https://www.sciencedirect.com/science/article/pii/S2213138822001886

55. European Union. (n.d.). NextGenerationEU. https://next-generation- eu.europa.eu/index_en.

56. US Department of the Treasury. (2023). The Inflation Reduction Act and US business investment. https://home.treasury.gov/news/featured-stories/the-inflation-reduction-act-and-us-business-investment.

57. World Economic Forum. (2023). Fostering Effective Energy Transition Report 2023. https://www3.weforum.org/docs/ WEF_Fostering_Effective_Energy_Transition_2023.pdf.

58. European Environment Agency. (2022). Towards ‘just resilience’: leaving no one behind when adapting to climate change.
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59. World Economic Forum. (n.d.). Building trust through an equitable and inclusive energy transition. https://www.weforum.org/publications/building-trust-through-an-equitable-and-inclusive-energy-transition/.

60. UK Parliament. (2024). Gas and electricity prices during the ‘energy crisis’ and beyond. https://commonslibrary.parliament.uk/research-briefings/cbp-9714/.

61. Masterson, V. (2023). These 3 charts show energy prices in the EU. World Economic Forum. https://www.weforum.org/agenda/2023/11/gas-electricity-prices-europe/.

62. International Energy Agency. (n.d.). Energy subsidies. https://www.iea.org/topics/energy-subsidies.

63. Eyo, E. (2023). Nigeria must act with caution as it removes fossil fuel subsidies. London School of Economics and Political Science. https://blogs.lse.ac.uk/africaatlse/2023/07/06/nigeria-must-act-with-caution-as-it-removes-fossil-fuelsubsidies/#:~: text=Nigeria%20has%20announced%20plans%20to,Nigeria’s%20population%2C%20writes%20Eyo%20Eyo

64. World Bank. (2022). Report: COVID-19 slows progress toward universal energy access [Press release]. https://www.worldbank.org/en/news/press-release/2022/06/01/report-covid-19-slows-progress-towards-universalenergy-access.

65. World Economic Forum. (2024). Building Trust through an Equitable and Inclusive Energy Transition. https://www.weforum.org/publications/building-trust-through-an-equitable-and-inclusive-energy-transition/.

66. Poder360. (2023). G20 Brazil Concept Note. https://static.poder360.com.br/2023/12/G20-Brazil-Concept-Note.pdf.

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69. Barlow, J., R. Tapio & B. Tarekegne. (2022). Advancing the state of energy equity metrics. The Electricity Journal, vol. 35, issue 10. https://www.sciencedirect.com/science/article/pii/S1040619022001348.

70. US Energy Information Administration. (2023). The Strait of Hormuz is the world’s most important oil transit chokepoint. https://www.eia.gov/todayinenergy/detail.php?id=61002.

71. International Energy Agency. (2023). Executive summary. In Colombia 2023. https://www.iea.org/reports/colombia-2023/executive-summary.

72. World Bank. (2023). Reliable and affordable access to clean energy for 2.25 million households in Egypt. https://projects.worldbank.org/en/results/2023/03/14/reliable-and-affordable-access-to-clean-energy-for-2-25-millionhouseholds-in-egypt.

73. Dabrowski, W. (2023). European energy transition: The Polish perspective. Politico. https://www.politico.eu/sponsoredcontent/european-energy-transition-the-polish-perspective/.

74. Vikaspedia. (n.d.). UJALA programme. https://vikaspedia.in/energy/policy-support/energy-efficiency/ujala-programme

75. Press Information Bureau. (2020). Government of India’s UJALA & Street Lighting National Programme Complete Five Successful years of Illuminating India [Press release].

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77. Financial Times. (2024). World coal capacity growth jeopardises peak emissions forecasts. https://www.ft.com/content/71cc3332-9a0b-49cc-a933-e18225d0058d.

78. Lawson, A. (2024). Danish windfarm firm Orsted jobs dividend North Sea. The Guardian. https://www.theguardian.com/business/2024/feb/07/danish-windfarm-firm-orsted-jobs-dividend-north-sea.

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80. De Leon, A. (2024). First EV sales decline in a decade, hiccup or lasting trend? Los Angeles Times. https://www.latimes.com/california/newsletter/2024-02-15/essential-california-ev-sales-essential-california.

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82. BLG. (2024). The future of energy: 2023’s top energy issues in Canada with a look ahead to 2024. https://www.blg.com/en/insights/2024/01/the-future-of-energy-2023s-top-energy-issues-in-canada-with-a-look-ahead-to-2024.

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87. Labor Energy Partnership. (2022). IRA Impact Analysis. https://laborenergy.org/wp-content/uploads/2022/08/8-6-22-IRAImpact-Analysis-V14.pdf.

88. US Department of Commerce. (2023). Brazil – Country Commercial Guide. https://www.trade.gov/country-commercialguides/brazil-renewable-energy-infrastructure-0.

89. Hughes, R.A. (2023). A powerful energy cocktail: Chile is taking the Latin lead in the race for renewables. Euronews. https:// www.euronews.com/green/2023/12/21/a-powerful-energy-cocktail-chile-is-taking-the-latin-lead-in-the-race-for-renewables.

90. Conley. T. (2023). How Chile is becoming a leader in renewable energy. World Economic Forum. https://www.weforum.org/agenda/2023/01/how-chile-is-becoming-a-leader-in-renewable-energy/.

91. International Energy Agency. (2021). Executive summary. In Financing Clean Energy Transitions in Emerging and Developing Economies. https://www.iea.org/reports/financing-clean-energy-transitions-in-emerging-and-developingeconomies/executive-summary.

92. Hamill-Stewart, C. (2024). 4 ways to finance the energy transition in emerging economies. World Economic Forum. https://www.weforum.org/agenda/2024/01/finance-energy-transition-emerging-economies-climate-crisis/.

93. Saha. S. (2024). Financing the energy transition. S&P Global. https://www.spglobal.com/commodityinsights/en/marketinsights/blogs/energy-transition/010824-financing-the-energy-transition.

94. International Energy Agency. (2021). Financing Clean Energy Transitions in Emerging and Developing Economies. https:// iea.blob.core.windows.net/assets/6756ccd2-0772-4ffd-85e4-b73428ff9c72/FinancingCleanEnergyTransitionsinEMDEs_WorldEnergyInvestment2021SpecialReport.pdf.

95. Thomson, E. (2023). Here are 3 innovative ways to manage the challenge of financing the energy transition in developing economies. World Economic Forum. https://www.weforum.org/agenda/2023/08/financing-energy-transitiondeveloping-
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96. International Energy Agency. (2023). ASEAN Renewables Investment: Opportunities and Challenges. https://www.iea.org/reports/asean-renewables-investment-opportunities-and-challenges.

97. Henry, P. (2023). What are green bonds and why is this market growing so fast?. World Economic Forum.https://www.weforum.org/agenda/2023/11/what-are-green-bonds-climate-change/.

98. Hamill-Stewart, C. (2024). 4 ways to finance the energy transition in emerging economies. World Economic Forum. https://www.weforum.org/agenda/2024/01/finance-energy-transition-emerging-economies-climate-crisis/.

99. InfraCredit. (2023). Unlocking Long Term Local Currency Infrastructure Finance in Nigeria. https://infracredit.ng/update/wpcontent/uploads/2023/11/InfraCredit-Factsheet-April-2023.pdf.

100. Hemingway Jaynes, C. (2023). IEA: Clean energy investment must reach $4.5 trillion per year by 2030 to limit warming to 1.5°C. World Economic Forum. https://www.weforum.org/agenda/2023/09/iea-clean-energy-investment-global-warming/.

101. ibid.

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