Carbon Markets Virtual Pavilion: Resilient Recovery through Fossil Fuel Subsidy Reform

It is critical to align climate ambitions with socioeconomic priorities. Unlocking revenues dedicated to fossil fuel subsidies can stimulate the Paris Agreement-consistent COVID-19 recovery. This session highlights the role that energy price reform plays to increase ambition on climate change, as well as build back better from the current pandemic. The narrative will be grounded by the interventions of international experts, including the group Friends of Fossil Fuel Subsidy Reform, a group of non-G20 countries across the global south and north aiming to build political consensus on the importance of fossil fuel subsidy reform through international cooperation. A presentation will be given highlighting how the G20 is performing in meeting its fossil fuel subsidy reform efforts.  This ‘report card’ is intended to be launched only days before the event, which means this side session will be one of the first opportunities to review the work and discuss how countries are making progress (or not) on their reform commitments. We will also bring forward the findings of the Energy Policy Tracker. The Energy Policy Tracker database is updated on a weekly basis, to provide the latest information about COVID-19 government policy responses from a climate and energy perspective. This analysis provides a detailed overview of the public finance flows as determined by recovery packages across the globe. Finally, a business perspective will also be provided on how pandemic recovery can spur low-carbon investment if it is designed in the right way.  

Agenda and Speakers

• Welcoming Remarks and comments on the mission of the Friends of Fossil Fuel Subsidy Reform and national efforts on climate change Ambassador Stefan Estermann (Head of the Sectoral Foreign Policies Division, State Secretariat, FDFA Switzerland)
• Progress on commitments to reform subsidies – Presentation G20 Scorecard on Fossil Fuel Subsidy Reform Anna Geddes (Associate, Energy Program, IISD)
• A breakdown on green and brown pandemic recovery finance – The Energy Policy Tracker initiative Angela Picciariello (Senior Research Officer, Climate and Sustainability program, ODI)
• Business perspectives on the potential for fiscal reform to spur green investment Ville Rimali (Director, Growth & Development, Wärtsilä)
• Moderated Q&A Speakers, moderated by Philip Gass (Lead, Transitions, Energy Program, IISD)

Registration

Please register here!

This panel discussion is part of the ICAP-IETA Carbon Markets Virtual Pavilion and was co-organized by the International Institute for Sustainable Development, Friends of Fossil Fuel Subsidy Reform, and Switzerland Federal Department of Foreign Affairs.

Note: This is a re-post of the original posted on the IISD Website.