Global Consensus on Energy Transition Is High, Making t Equitable is the Challenge

The latest Peoples’ Climate Vote by the United Nations has revealed that most countries support transitioning to clean energy as quickly as possible. Titled “Accelerating an Equitable Transition: A Data-Driven Approach,” the report found that a whopping 85% of countries are interested in a fast transition to renewables, indicating that the green-energy transition is a major priority for a majority of the world.

Unfortunately, making this transition equitable will most likely be a massive challenge. Developing and emerging countries received less than 15% of the $1.8 trillion that was invested into developing green-energy infrastructure last year, putting them at a significant disadvantage compared to the developed economies that received most of these funds. If this trend continues, the transition to renewables will largely be limited to first-world countries such as the United States, China and several EU nations.

According to the UN report, 7 out of 10 people globally would like their country to transition from fossil fuels to cleaner alternatives, including solar and wind, as speedily as possible to avert the growing climate crisis. The second People’s Climate Vote polled more than 73,000 people in 77 countries and discovered that most of the respondents supported the green-energy transition. This includes most of the top 10 largest coal-, gas- and oil-producing countries in the world, the survey notes.

The UN Development Program’s Achim Steiner says the poll revealed a “truly astonishing level of consensus” and encourages policymakers and leaders to “take action,” especially now that countries around the world are getting ready to make another round of pledges regarding climate action. However, fast-tracking the green-energy transition is only one aspect of the global energy transition because the transition will have to be equitable across the board to maximize its effects.

A recent report from the Boston Consulting Group and the World Economic Forum warns that as well intentioned as they are, climate-positive policies and actions could potentially worsen economic inequalities that already exist, polarize and fragment society even more, and ultimately slow the world’s socioeconomic and environmental progress. In a worst-case scenario, developed countries could fully transition to renewables while emerging economies remain reliant on fossil fuels.

The UN poll found that 6 out of 10 people in the most underdeveloped countries in the world are worried about the ongoing climate crisis compared to 5 out of 10 people from G20 nations. The countries most concerned with the climate crisis were Fiji at 80%, Afghanistan (78%), Mexico (77%), Turkey (77%), Paraguay (76%), the Republic of Korea (76%), Brazil (76%), Ecuador (76%), Colombia (75%) and Guatemala (74%).

For-profit entities, such as Correlate Energy Corp. (OTCQB: CIPI), may offer pointers regarding how equity can be brought to the energy-transition movement through the use of cost-effective green-energy generation systems that are decentralized.

NOTE TO INVESTORS: The latest news and updates relating to Correlate Energy Corp. (OTCQB: CIPI) are available in the company’s newsroom at https://ibn.fm/CIPI

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