HITSMUN 2024: UN ECOSOC

Background guide

Letter from the Chairperson

Dear Delegates,

It is my pleasure to welcome you to the United Nations Economic and Social Council
(ECOSOC) for the HITSMUN Model UN conference. Our agenda, "Tackling the question of
transitioning from fossil-based energy sources in developing economies in light of the Green
Industrial Age," is both timely and critical.

In an era defined by climate change and technological advancement, the transition from fossil
fuels to sustainable energy sources is not just an environmental imperative but an economic and
social necessity. Developing economies face unique challenges in this transition, balancing the
need for rapid development with environmental sustainability. Your role in addressing this
complex issue is crucial for shaping a more equitable and sustainable future for all nations.

We will explore the multifaceted challenges and opportunities presented by the shift from fossil
fuels to green energy in developing economies. This transition is not merely a technical
challenge but a complex interplay of economic, social, and political factors. Your task will be to
navigate these complexities and propose innovative, feasible solutions that consider the diverse
needs of developing nations.

The background guide you have received is designed to provide a foundation for your research
and debate. It will:

1. Introduce key concepts related to energy transition and the Green Industrial Age.

2. Explore the nuances of coal phase-outs and their implications for developing economies.

3. Examine the critical role of financing in enabling this transition.

Please note that this guide is intended as a starting point for your research, not an exhaustive
resource. I strongly encourage you to delve deeper into these topics, exploring current events,
academic literature, and policy papers to enrich your understanding and contributions to the
debate.

Our committee will operate under modified Rules of Procedure to foster more inclusive and
productive discussions. We will prioritize ensuring all delegates have the opportunity to
contribute meaningfully to the debate. Delegates will be judged on the depth of their research,
the innovation of their proposed solutions, and most crucially, their ability to collaborate
effectively with other delegates to drive committee decisions. To encourage spontaneous and
collaborative problem-solving, we will not accept premade resolutions.

Remember, the strength of our committee lies in your collective expertise and creativity. I look
forward to witnessing the dynamic solutions and thoughtful diplomacy you will bring to this
critical global challenge.

Best regards,

Vandhana Ramesh

Chairperson, UN ECOSOC
Introduction

As we stand at the crossroads of global development, the concept of a "Green Industrial Age" has
emerged as a means for addressing multiple crises facing our world. It represents a fundamental
shift in how we approach industrialization, economic growth, and sustainable development,
particularly in the context of developing economies.

The United Nations' 2023 Financing for Sustainable Development Report highlights the urgent
need for a sustainable industrial transformation to tackle pressing issues such as food and energy
crises, climate change, and the widening development gap between nations. This transformation
is not just an option; it's a necessity if we're to meet climate targets and achieve the Sustainable
Development Goals (SDGs).

What does a Green Industrial Age entail? At its core, it's about reimagining industrialization
through a sustainable lens. This means massive investments in key sectors like electricity supply,
industry, farming, transportation, and buildings. The goal is to create a new generation of
sustainable industrial policies that foster economic growth, job creation, and technological
advancement while simultaneously reducing our carbon footprint.

However, while developed countries are already making strides in this direction, many
developing nations are struggling to keep up. The UN Financing for Sustainable Development
report reveals a stark contrast in post-pandemic recovery spending: developed countries spent
$12,200 per capita in 2020 and 2021, while developing countries managed only $410, and least
developed countries a mere $20. This disparity underscores the urgent need for a more equitable
approach to global development.

The good news is that opportunities for inclusive growth abound in sectors like agroindustry,
green energy, and manufacturing. The rapid uptake of technology, particularly internet usage,
points to the possibility of an equally swift transition to sustainable industrialization. However,
realizing this potential requires targeted policies to build domestic productive capabilities, ensure
gender equality, and create decent jobs.
To finance this transformation, a multi-pronged approach is needed. This includes strengthening
tax systems, enabling private investment, scaling up international public investment and
development cooperation, and fundamentally reforming the international financial architecture.
The UN report calls for changes in international tax norms, policy frameworks linking private
sector profitability with sustainability, an evolved development bank system, and improved debt
relief mechanisms, among other measures.

As members of the UN ECOSOC committee, it's crucial to recognize that this isn't just about
environmental sustainability – it's about economic resilience and global equity. The Green
Industrial Age offers a pathway to bridge the development gap and prevent a "lost decade" for
developing nations. However, realizing this vision requires political will, international
cooperation, and a commitment to overcoming rising tensions and nationalist tendencies.

In our discussions, we must grapple with several key questions: How can we ensure that
developing countries aren't left behind in this transition? What role should international financial
institutions play in facilitating this transformation? How can we balance the need for rapid
industrialization with environmental sustainability?

Objectives of the committee

1. To lay guidelines for transitioning developing economies’ dependence from polluting,

heavy, extractive industries to non-polluting, sustainable and clean-tech industries
2. To attract investments and entrepreneurship for future-ready clean technologies.
3. To simultaneously cater to the need of vulnerable communities by creating local jobs,
promoting local and small-scale industries and clusters.
Why should developing countries care about transitioning?

Many people in developing countries, including government officials, view environmental

protection as a luxury their nations should address later, after solving more urgent human
development issues. This view is a misconception for six main reasons:
1. Environmental damage weakens the natural basis for economic growth and human
welfare, especially in countries relying on agriculture, forestry, or fishing.
2. Pollution and waste usually show inefficient production, and resource-saving methods
often pay off quickly, even without considering wider benefits.
3. Keeping old products and processes while major economies go green will create a gap
between local and global practices. This makes future competition harder, as trade deals
increasingly cover environmental issues and leading global companies demand higher
environmental standards.
4. Countries should avoid getting stuck with unsustainable infrastructure and business
practices, as changing later will likely be very expensive. So, investing in high-carbon
energy systems now may soon become costly, as clean energy gets cheaper and carbon-
cutting pledges become mandatory. Developing countries have an advantage here, as they
can still choose sustainable options when building new energy and urban systems.
5. Many new green technologies offer extra benefits. For example, cleaner air improves
health and cuts health costs. Also, new tech can make it cheaper to bring electricity to
communities using local renewable energy on a small scale.
6. Green industrial policies encourage innovation. While completely new innovations will
likely come from a few countries with strong research systems, some innovations can
also come from poorer countries, boosting local growth and jobs.

The below table highlights some varied opportunities in green products and services for
countries at different stages of development and income growth.

Table: New green product and service opportunities for countries at different income levels
Higher middle- and high-income
Low and lower-middle income countries
countries
New Renewable energy technologies Low- and medium tech, low cost products
 including high-tech components of such as solar water heaters, solar water pumps,
solar photovoltaics, concentrated solar solar driers; drip irrigation systems; rainwater
power, wind turbines and harvesting technologies; LPG, LNG or ethanol
geothermal technologies; energy cook stoves; LNG-based three-wheeler taxis.
storage technologies including fuel Inputs for global green production for which factor
products
cells and lithium-ion batteries; electric endowments exist: such as lithium, rare earths,
vehicles; new lightweight materials; cellulosic ethanol.
bioplastics; carbon capture and storage
technologies; high performance
building façades.
Design and operation of smart grids, Simple low-cost services such as for operation and
closed cycle eco-industrial parks, maintenance of decentralized and mini electric grid
intelligent transport systems, advanced solutions; labour-intensive waste recycling; low-
New
energy management systems, carbon livestock management; management of
services
electronic road pricing, tracking and rapid transit systems. Labour-intensive tasks in
tracing systems for environmental emerging green global value chains, such as
performance along value chains. assembly of solar panels or lithium-ion cells.
Source: Altenburg, T., & Assmann, C. (Eds.). 2017. Green Industrial Policy. Concept, Policies,
Country Experiences

Understanding the Green Industrial Age

Renewable energy
Renewable Energy sources include solar, wind, hydropower, geothermal, biomass energy, ocean
energy1. Although all Green Energy is renewable, GE refers to energy production processes that
do not involve carbon emissions2. Some definitions of “greening” also involves nuclear power,
which is considered “clean energy”, where it does not produce emissions during its use, but is
non-renewable. Greening, particularly, is intrinsically linked with energy projects; essentially, it
would mean a commitment to shift away from colossal polluting projects that have dominated
investments so far.

When evaluating how eco-friendly new projects are, it's crucial to remember the difference
between RE and GE. For example, coal and gas plants have been cheaper and more profitable for
developers in the past. However, the global shift away from coal and the growing
competitiveness of RE have made overseas coal investments less financially smart. Building coal

1
United Nations, n/a. https://www.un.org/en/climatechange/what-is-renewable-energy
2
National Grid, n/a. https://www.nationalgrid.com/stories/energy-explained/what-is-green-energy
plants is getting more expensive, and their returns are unpredictable due to changing coal prices 3,
4
. Hence, it's important to recognize that the policy shift isn't just about tackling climate change.
It's also driven by practical worries about whether coal investments abroad will remain
profitable.

The reality of a coal-phase out

Coal phaseout in developing countries is costly for many stakeholders. The main financial risk is
"stranded assets," where companies lose money on their investments. Banks face big risks, but
state-owned companies with long-term investments are at greatest risk in Southeast Asia, like
China Huaneng and Shenhua Group. These losses to home companies are a major concern for
governments, shaping their policies. Projects switching to gas power still risk keeping polluting
supply chains. Workers could lose jobs, and companies might lose money on existing projects. A
coal phaseout could have severe financial effects on many companies.

To make these projects greener, we need advanced carbon capture and storage (CCS)
technology. Even with CCS and future bio-energy use, these plants might still be stranded assets.
When calculating investment losses, we must consider how hard it is to use new tech and the
assets that remain stranded despite it5. With many financed coal projects in South Asia already
finished, the phaseout policy needs strong technology use to work well in the region.

How policies are carried out matters a lot. Thus far, phaseout policies have shown many gaps.
Despite ambitious promises at the UN, implementation has been somewhat random. For
example, Indonesia and Laos have given new coal projects to companies even though they have
an overcapacity in coal power already6. Hence, the mostly Chinese financing companies can still
profit from coal, and project cancellations depend on specific local factors. This shows that coal-
phase out policies are not being applied consistently.

3
https://www.imf.org/en/Blogs/Articles/2022/06/08/how-replacing-coal-with-renewable-energy-could-pay-for-
itself
4
https://carbontracker.org/reports/how-to-waste-over-half-a-trillion-dollars/
5
Hillman, J., & Sacks, D. (2021, October 4). Making Sense of China’s Pledge to Stop Building Coal-Fired Power
Plants Abroad. Council on Foreign Relations. https://www.cfr.org/blog/making-sense-chinas-pledge-stop-building-
coal-fired-power-plants-abroad
6
https://www.greenpeace.org/static/planet4-thailand-stateless/2022/12/c64cd985-carbon-dated-en-resize-
compressed.pdf
A closer look at investing in renewables in South Asian economies
South Asia has significant potential for RE and GE adoption. Bhutan and Nepal generate almost
all their electricity from hydropower. Maldives and Sri Lanka could utilize both wind and solar
energy, while Pakistan and Bangladesh have strong solar potential7. However, despite
commitments at climate summits, developed nations have yet to establish and implement
adequate greening funds for low and middle-income countries8. This suggests that political
leaders in these countries may be uncertain about fulfilling their pledges.

Various context-specific factors make the transition to renewables a complex and gradual
process for both host countries and financial institutions, companies, and investors. A major
reason for limited funding in renewables overseas is insufficient demand for solar and wind
projects. The development circumstances in these countries present significant challenges. These
challenges can be broadly categorized into profitability issues affecting investors and inadequate
local infrastructure.

Profitability for Banks and Investors Lack of Local Infrastructure

Low levels of technical feasibility in host
Banks have preferred to fund high numbers of
countries, lack of funds to improve the
coal projects.
studies.
Existing Coal Subsidies that disincentivize
RE and GE are still more expensive from the
take-off of GE or RE projects; lack of Fiscal
point of view of investors.
largesse to subsidize domestic RE adoption.
Underdeveloped electricity grids that make
Pre-construction costs are not taken into harnessing GE or RE difficult. These
consideration, met with local resistance and countries have developing generation and
suspicion if costs increase. transmission sources, which need to be
expanded for proper functioning.
Political relationships with governments of Weak institutional and regulatory
host countries impact financial agreements. environments.
Source: C3S Occasional Paper I, 2024

Energy transitions in South Asia are especially challenging due to two main issues facing these
economies - most countries in this region have poor energy security and limited access to
7
Triyana, M., & Li, C. (2022, October 9). Green Energy Can Accelerate Sustainable Growth Across South Asia. World
Bank Blog
8
https://geopolitique.eu/en/articles/breaking-the-deadlock-on-climate-the-bridgetown-initiative/
affordable electricity9, 10. Subsidies for fossil fuels in the area make electricity companies
financially unstable. When expensive projects are introduced, often with strict repayment terms
and high interest rates for Chinese investments, countries must raise electricity prices to keep
their distribution systems financially viable. As a result, electricity becomes harder to afford for
lower and middle-income people, at least for a while.

Renewable energy is often seen as cheaper than coal, but when looking at the full lifespan of
power plants and without government subsidies in host countries, RE and GE projects actually
cost more. This means energy plans for developing countries are often inadequate, made worse
by their underdeveloped financial systems11, 12.

Profits are further reduced because host countries lack well-developed power grids, leading to
high energy losses. South Asian countries still need constant power supply - plants that run non-
stop. Without good storage technology for wind and solar energy, these sources can't provide
constant power, which is a big drawback for host countries.

The role of manufacturing and industry

Today's developing economies, except for some East Asian countries, often see manufacturing
value and jobs stagnate at very low levels. Most are moving from agriculture or mining to
services without proper industrial development, a process called premature deindustrialization.
Industrial policy is a useful tool here, as it aims to support market mechanisms. Given frequent
market flaws and the need for investment criteria beyond just economic efficiency, the question
is how to apply industrial policy, not whether to use it13.

Manufacturing growth and industrialization have been key to economic transformation.

Manufacturing has unique properties that often drove sustained growth, typically increasing

9
https://iea.blob.core.windows.net/assets/e5d9b7ff-559b-4dc3-8faa-42381f80ce2e/
SoutheastAsiaEnergyOutlook2022.pdf
10
https://www.weforum.org/agenda/2022/06/southeast-asia-growth-energy-security/
11
Manych, N., & Ratan, I. (2023, September 18). How Innovative Financing Mechanisms Can Green the Belt and
Road Initiative. Global Developmnent Policy Centre. https://www.bu.edu/gdp/2023/09/18/how-innovative-
financing-mechanisms-can-green-the-belt-and-road-initiative/
12
Gallagher, Bhandary, Narasimmhan, & Nguyen. (2021). Banking on coal? Drivers of demand for Chinese overseas
investments in coal in Bangladesh, India, Indonesia and Vietnam. Elsevier, Energy Research and Social Sciences.
13
Rodrik, D. (2004). Industrial Policy for the Twenty-First Century. Discussion Papers / Centre for Economic Policy
Research: no. 4767. London: Centre for Economic Policy Research.
industry's share of the economy while agriculture's share decreased14. First, technological
advances often started in manufacturing and spread to other sectors. Developing countries could
import and adapt these technologies, achieving rapid productivity growth even with limited skills
and institutions. This triggered economic and knowledge spillovers. Second, manufacturing
provided jobs for many low-skilled workers, unlike high-productivity sectors like finance. This
allowed developing countries to attract investment, import technology and capital goods, and use
low-skilled labor. Third, manufactured products can be traded, so growth isn't limited by small
domestic markets15.

Today, global supply chains depend on four service sectors: finance, ICT, transport and logistics,
and business services. These services, along with digital technologies, connect businesses in
supply chains. These sectors have become major sources of jobs, exports, foreign investment,
and innovation16. Consideration of “greening” must subsequently apply to this sector as well.

Financing a Green Industrial Age

It is estimated that EMDCs other than China will need US$1tn of external financing by 2030 to
be able to transition to a low-carbon pathway.17, 18 Financing through fiscal, monetary policies
and private sector funding are explored below.

Fiscal policy for a green industrial age

Fiscal policies should aim to boost eco-friendly public investments and green public goods
provision. Governments should target minimum thresholds for productive green investments,
prioritizing those with high sustainable development impact and addressing key environmental
and economic bottlenecks19. This might include green job-creating initiatives in climate-resilient
infrastructure. To maintain fiscal health, this expansion of green public investment must be

14
Ocampo, Rada, and Taylor, “Economic Structure, Policy, and Growth.”
15
Rodrik, “Premature Deindustrialization.
16
ITC, based on ITC. 2022. SME Competitiveness Outlook 2022: Connected Services, Competitive Businesses.
Geneva.
17
Songwe, V. et al et. al., 2022, Finance for climate action: scaling up investment for climate and development
18
UNCTAD, 2018, Climate Change and Debt Sustainability in the Caribbean: Trouble in Paradise?
19
Strauss, Ilan. 2021. Towards a Transformative Macroeconomic Policy Framework for Employment Generation in
Africa. ILO, Geneva
coupled with improved spending efficiency, enhanced domestic resource mobilization, and for
many developing nations, access to favorable financing terms.

Monetary policy

Many monetary authorities now operate under dual mandates, balancing price stability with
broader economic goals like full employment. The U.S. Federal Reserve has worked under such
a framework since 1978, while New Zealand's central bank explicitly includes "maximum
sustainable employment" alongside price stability in its mandate. Though not always formally
mandated, several central banks in developing Asian nations (including Bangladesh, Bhutan,
Fiji, Pakistan, the Philippines, and Thailand) acknowledge broader objectives such as promoting
inclusive growth, financial inclusion, or economic development in their mission statements 20. As
we transition to a green economy, central banks could consider incorporating climate risk
assessments and green growth objectives into their policy frameworks, potentially expanding
their role in supporting sustainable economic transformation.

Private sector climate financing

Private investment and financing in emerging markets and developing economies (EMDEs) have
significant growth potential, particularly in sustainable investments such as the transition to clean
energy. The International Energy Agency estimates that 60% of energy transition financing
should come from the private sector. However, current investments fall short of meeting this
need. To facilitate private capital flow, governments must address investment climate
constraints, including barriers to foreign investment and policies that hinder competition. Recent
private-sector initiatives aimed at increasing sustainable financing in EMDEs should collaborate
with countries, multilateral development banks (MDBs), and the International Monetary Fund to
overcome policy obstacles.

Currently, however, there is a global shortage of financing for both Green Energy (GE) and
Renewable Energy (RE) projects. This shortage can be attributed to two key factors:

20
UNESCAP. 2022. Economic and Social Survey of Asia and the Pacific 2022. Economic Policies for an Inclusive
Recovery and Development. Bangkok.
 1. The adoption of new technologies without fully developed local markets poses financial
risks for banks, investors, and creditor countries.
2. RE and GE projects typically have higher upfront costs compared to traditional coal-
based projects. The combination of high capital costs, lower returns on investment, and
both actual and perceived risks tends to discourage private investment.

These factors are further complicated by regional disparities in energy mix:

 In Africa and Eurasia, there is a higher proportion of renewable energy projects compared
to fossil fuel-based installations. In parts of Africa, renewable capacity surpasses fossil
fuel capacity by approximately 20,000 MW.
 In South Asia, the situation differs significantly since fossil fuel-based projects
outnumber renewable energy projects significantly. This imbalance complicates the
energy transition process in South Asia, particularly given that many countries in this
region are developing economies with high energy demands and limited public funds.
The historical preference for fossil fuel energy projects by local governments in South
Asia presents a unique policy challenge for energy transition in the region.

Broadly, project investments can be categorized into four types, each requiring different
financing approaches21:

1. Commercially viable projects: These should be privately financed. Multilateral

institutions can assist by improving the business environment to ensure potential returns
materialize and by facilitating project-financing matches through mechanisms like
coordination support.
2. High-risk or high-preparation cost projects: These require de-risking, technical
assistance, or concessional grants. Support is crucial for feasibility studies and master
plans for infrastructure development. Existing trust funds and financial intermediary
funds (such as the Global Infrastructure Facility, climate investment funds, and various
assistance programs) provide support, but additional resources are needed to meet
transition demands.

21
IMF. 2023. The Big Push for Transformation through Climate and Development: Recommendations of the High-
Level Advisory Group on Sustainable and Inclusive Recovery and Growth
 3. Public goods projects: These generate public benefits but lack commercial viability when
considering only private returns (e.g., electricity grids enabling renewable energy
investments). They require public investment, with global public goods needing
international support. Monetization of public goods benefits through domestic or
international subsidies can enhance commercial viability. Various funds and trusts (like
the Green Climate Fund, PROGREEN, PROBLUE, and climate investment funds)
provide subsidies, but current financing volumes are insufficient for large-scale energy
transition needs. Carbon markets may provide additional financial benefits over time.
4. Social transition projects: These provide compensation for just transition efforts and have
no commercial benefits. They must be financed through public resources, including
concessional or grant support, especially for lower-income countries and some middle-
income countries. These projects may involve explicit liabilities (e.g., renegotiating
power purchase agreements) or implicit costs (such as support for workers and
communities affected by the closure of carbon-intensive industries).

Each country must align its debt and financing strategy with its specific investment priorities and
available funding sources. This approach is crucial for effectively addressing the diverse project
types and ensuring a comprehensive transition to sustainable practices.
One potential pathway forward is in concessional finance, which will be crucial in mitigating
risks for private investors. This approach is particularly important in two scenarios:

1. Investments in emerging technologies: These technologies often have high initial costs
but are expected to become more economical with widespread adoption.
2. Public goods investments: Despite clear public benefits at national or global levels, these
investments may offer lower private returns compared to non-green alternatives. For
example, efforts to reduce emissions in industries like cement and steel production
generate significant public benefits that are not fully reflected in private investors'
financial returns.

In low-income and fragile nations, macroeconomic risks may outweigh potential commercial
returns, further necessitating concessional financing to encourage investment in sustainable
energy projects.
Way forward

A large-scale transition to Renewable Energy (RE) or Green Energy (GE) projects necessitates a
country-specific approach to ensure a just transition for all stakeholders. The specific
requirements of this transition will vary depending on each nation's unique circumstances and
their domestic commitments to stakeholder protection during this transformative period. Key
considerations for a just energy transition include:

1. Workforce protection and reskilling: Prioritize safeguarding and retraining individuals

employed in the power sector to adapt to evolving market demands.
2. Private sector involvement: Private financing initiatives should incorporate budgetary
provisions within projects to support local power sector reforms.
3. Equity-based engagement: Financial institutions should shift from traditional loan models
to policy-based equity engagements, promoting more sustainable and mutually beneficial
partnerships.
4. Leveraging international platforms: Utilize established frameworks such as the Energy
Transition Mechanism and the Just Energy Transition Partnership to:
a. Expand the scope and depth of feasibility studies
b. Develop comprehensive plans for early retirement of outdated energy
infrastructure
c. Create robust refinancing strategies

These approaches aim to facilitate a smoother transition to renewable and green energy sources
while minimizing negative impacts on existing stakeholders and maximizing long-term benefits
for all parties involved.

An overview of a six-pillar framework22, useful to guide drafting of Industrial Policies for a Net
Zero Economy is shown below.

22
Lars J. Nilsson, Fredric Bauer, Max Åhman, Fredrik N. G. Andersson, Chris Bataille, Stephane de la Rue du Can,
Karin Ericsson , Teis Hansen, Bengt Johansson, Stefan Lechtenböhmer, Mariësse van Sluisveld & Valentin Vogl
(2021) An industrial policy framework for transforming energy and emissions intensive industries towards zero
emissions, Climate Policy, 21:8, 1053-1065
 Knowledge creation Creating and reshaping
Directionality
and innovation markets

Sensitivity to socio-
Building capacity for National and
economic implications
governance and change international coherence
of phase-outs
Additional readings and resources

1. United Nations, Dept of Economic and Social Affairs. 2023. Financing for Sustainable
Development Report 2023. https://desapublications.un.org/publications/financing-
sustainable-development-report-2023
2. Altenburg, T., & Assmann, C. (Eds.). 2017. Green Industrial Policy. Concept, Policies,
Country Experiences. Geneva, Bonn: UN Environment; German Development Institute /
Deutsches Institut für Entwicklungspolitk (DIE).
https://archive.un-page.org/files/public/green_industrial_policy_book_aw_web.pdf
3. United Nations Environment Program. Green Industrial Policy.
https://www.unep.org/explore-topics/green-economy/what-we-do/economic-and-trade-
policy/green-industrial-policy
4. United Nations Environment Program. 2016. Definitions and Concepts: Background
Note.
https://wedocs.unep.org/bitstream/handle/20.500.11822/10603/definitions_concept.pdf?
sequence=1&isAllowed=y
5. United Nations Development Program. What is climate finance?
https://climatepromise.undp.org/news-and-stories/what-climate-finance-and-why-do-we-
need-more-it
6. International Renewable Energy Agency. 2021. Renewable Power Generation Costs in
2020. https://www.irena.org/-/media/Files/IRENA/Agency/Publication/2021/Jun/
IRENA_Power_Generation_Costs_2020.pdf
7. Greenpeace. 2022. Carbon dated? The prospects for an exit from coal in the Mekong
region. https://www.greenpeace.org/static/planet4-thailand-stateless/2022/12/c64cd985-
carbon-dated-en-resize-compressed.pdf
8. United Nations Issue-based Coalition (IBC) on Environment and Climate Change for
Europe and Central Asia. 2022. Green Transitions Guidance Note: Sustainable Finance.
https://uneuropecentralasia.org/sites/default/files/2023-05/Finance%20Guidance%20Note
%20%20-%20IBC%20Green%20Transitions%20Training%20Programme%20Final.pdf
9. Centre for Research on Energy and Clean Air. 2023. Ambiguities versus Ambition: A
Review of Indonesia’s Energy Transition Policy. https://energyandcleanair.org/wp/wp-
content/uploads/2023/03/CREA_Trend-Asia_EN_Ambiguities-versus-Ambition.pdf
10. Lars, J. et al. 2021. An industrial policy framework for transforming energy and
emissions intensive industries towards zero emissions.
11. Arezki & Matsumoto. 2017. The Energy Transition in an Era of Low Fossil Fuel Prices.
https://www.elibrary.imf.org/display/book/9781484310328/ch004.xml
12. Saha, D. et al. 2023. World Resources Institute. To Shift Away from Oil and Gas,
Developing Countries Need a ‘Just Transition’ to Protect Workers and Communities.
https://www.wri.org/insights/just-transition-developing-countries-shift-oil-gas
13. McKinsey. 2024. Indonesia’s green powerhouse promise: Ten bold moves.
https://www.mckinsey.com/id/our-insights/indonesias-green-powerhouse-promise-ten-
big-bets-that-could-pay-off