The energy transition: a catalyst to address the global triple crisis
This Knowledge Brief was developed by SEforALL for the G20 Energy Transition Working Group and G20 Energy Ministerial meetings in Goa, India in July 2023.
This short analysis highlights how the world is currently facing a triple crisis—severe cost of living, energy security, and food security challenges are impacting most of the world, but their effects are disproportionately felt by developing countries and vulnerable communities. These crises, coupled with the ongoing climate crisis, hamper progress on development priorities, including action on climate change. Although these crises are distinct, they are deeply interlinked, primarily through the rising energy prices affecting both the overall cost of living as well as the availability of fuel and fertilizers, which in turn directly impact agricultural productivity.
The global energy transition towards cleaner and more sustainable energy sources for all sectors presents a significant opportunity to address these crises through its cost benefits, job creation potential, local market creation, and climate benefits.
As described in the Knowledge Brief, specific actions are needed to help deliver systemic catalytic financial solutions to support the energy transition and the scale-up of renewables. These include:
- Identifying market potential and pipelines
- Developing innovative financing mechanisms
- Accurately pricing climate risk and scaling local currency investing
