Ensuring fairness in the green transition

The global economy is facing a radical, but necessary overhaul for the sake of humanity. Fossil fuels have long underpinned global economic growth and the world has prospered, even if unevenly so. But burning coal, oil and gas is driving up global temperatures, creating ever greater weather extremes and rising sea levels that threaten the future of the global economy. Transitioning away from fossil fuels to cleaner energy is an economic revolution, affecting many sectors. But it has to happen - and quickly. Yet it will not be easy and it will not be cheap.

The goal is clear. Global emissions need to reach net zero by 2050 and warming limited to 1.5 deg C above pre-industrial levels, according to the United Nations' climate science panel. Achieving this means a carefully devised plan to phase out dirty industries, such as fossil fuel extraction and fossil fuel power generation and cleaning up emissions-intensive industries such as steel and cement making. Agriculture also needs an overhaul, while power grids need huge investment.