A NEW CHAPTER FOR THE GLOBAL ECONOMY: RESHAPING NATIONAL ECONOMIES FOR SUSTAINABLE AND INCLUSIVE GROWTH
The Ministry of National Economy (MNE),
The Ministry of Finance (MF),
The European Bank for Reconstruction and Development (EBRD)
A global transition to a green economy will involve a significant transformation of how energy is produced and used. For example, successful implementation of climate change commitments could mean renewables make up around 80% of new power generation investment to 2030 in major economies. There may also be significant implications for the price of fossil fuels and the value of related assets.
This, in turn, may change the composition of national governments revenues and expenditures, as governments focus on making the best of the transition to a green economy. EBRD has been working with a number of international partners on understanding how these changes will impact the value of government assets and national budgets. The focus is on fossil fuel assets and reserves, which are a major source of government revenue and expenditure. Approximately 70 per cent of fossil fuel reserves and related assets worldwide are owned or controlled by governments, and are at risk of becoming ‘stranded’ in the wake of the transition to a green economy.
Through planning and risk management approaches it is possible to effectivity manage fiscal risks and exploit emerging opportunities. For example, there are options which can simultaneously promote green economy and provide new sources of government revenue (e.g. environmental pricing and removing fossil fuel subsidies).
Understanding fiscal risks and opportunities from a green economy transition is an innovative research area globally and will be the topic of this session. The EBRD is working with the Government of the Republic of Kazakhstan to better understand this challenge and will discuss emerging findings with a distinguished set of speakers.
Mattia Romani, Managing Director, European Bank for Reconstruction and Development (EBRD)
Bakhyt Sultanov, Minister of Finance, Government of the Republic of Kazakhstan (tbc)
Vitor Gaspar, Director of Fiscal Affairs, International Monetary Fund (IMF) (tbc)
Rachel Kyte, Chief Executive Officer, Sustainable Energy for All Initiative (tbc)
Katya Miroshnik, Director of Infrastructure, Russia and Central Asia
Svetlana Radchenko, Associate Director, Senior Banker Infrastructure, Russia and Central Asia
Vincent Duijnhouwer, Associate Director, Product and Business Development, Energy Efficiency team
Jan-Willem van de Ven, Associate Director, Head Carbon Market Development, Energy Efficiency team