Global energy markets are undergoing a rapid transformation. While renewable energy build-out accelerates and the electrification of economies progresses, there is still a debate about the future of fossil fuels. Many countries, both import dependent and export dependent, remain economically and politically tied to fossil fuels. This brings with it economic vulnerability, exposure to the price variability of fossil fuels as well as environmental and health impacts that affect populations. There are cheaper and safer alternatives, with renewable power generation and storage costs dropping yet we don’t see a clear substitution effect for fossil fuels so far.  

This side event explored the economic, financial, and policy dimensions of the transition away from fossil fuels, examining what drives progress, what hinders it, and how countries can strengthen their resilience.