Italy's Central Bank governor proposes a new financing mechanism where developed nations with higher per-capita emissions should help developing economies transition away from fossil fuels and accelerate clean energy rollout.
Developed economies with higher per-capita emissions could help developing economies to transition away from fossil fuels and accelerate clean energy rollout, Fabio Panetta , the governor of Italy’s Central Bank, said on Monday. The plan would help reduce the overall cost of the energy transition globally, Panetta said at a G7 - IEA Ensuring an Orderly Energy Transition conference hosted by the Italian G7 Presidency and the International Energy Agency in Rome.
Panetta backs a plan to have countries with higher emissions per capita compensate countries with low emissions. The resources transferred into such a scheme “would be more than offset by the economic damage avoided from the climate change they would suffer if the transition effort failed,” he said.
Climate Finance Developed Economies Developing Economies Fossil Fuels Clean Energy Per-Capita Emissions COP28 Climate Summit Panetta
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