WHAT ROLE DOES THE PRIVATE SECTOR PLAY IN A JUST ENERGY TRANSITION?

We cannot talk about a just energy transition without incorporating the analysis of pre-existing inequalities from its design to ensure that public policies and private interventions incorporate climate, economic and social objectives at the same level. The private sector, and especially large transnational corporations, have an unavoidable responsibility when it comes to promoting these changes both from a purely climatic and also from a social and economic point of view. To make this possible, governments and regulators have the responsibility to implement policies aimed at facilitating and speeding up the transition, guaranteeing compliance human rights during the process and in the arrival scenario. Companies must also incorporate some key elements into their climate action plans by reviewing their business policies and practices and developing plans aimed at guaranteeing the livelihoods of affected communities, ensuring human rights due diligence processes, guaranteeing the payment of salaries decent conditions for its entire workforce and eliminating wage gaps between marginalized groups, and ensuring that they pay the taxes that correspond to them where they are supposed to do so, a fundamental pillar of financing the transition.