This panel event brought together cutting-edge research and analysis exploring key dimensions of the just transition from oil and gas dependency, and the role that different actors must play in planning for a timely and equitable transition away from oil and gas production and use.
Despite mounting evidence that the expansion of oil and gas production is incompatible with a Paris Agreement 1.5°C-aligned pathway, many countries, national and international companies, and financial institutions persist in pursuing such plans. Current oil and gas production plans from major producers would already overshoot the 1.5°C target by 110 percent in 2030, according to the 2023 Production Gap Report.
Yet, the transition away from fossil fuels including oil and gas is accelerating, driven by a combination of environmental, social, economic and ethical considerations. Fair, inclusive and managed transitions can not only address the unequal distribution of costs and benefits but serve as catalysts for ambition and implementation. Therefore, a broader understanding of the equity implications of the transition away from oil and gas is crucial to advance this global mandate.
Suneeta Kaimal, President and CEO, Natural Resource Governance Institute (moderator)