The status of the transition to green & fair economies: 2024

The report identifies a global shift toward embedding social justice in climate action and the rise of green macroeconomic policies like the US Inflation Reduction Act and the EU Green Deal. While renewable energy capacity and electric vehicle sales are hitting records, the transition faces significant hurdles, including a 'gold rush' for critical minerals often lacking governance, inadequate private sector investment in nature, and a trust deficit between citizens and institutions. The document argues for a new 'eco-social contract' based on participatory governance and a fundamental reform of the multilateral financial system to support low- and middle-income countries.

• Major macroeconomic policies in the US and EU are restructuring their economies with green industrial goals. The US Inflation Reduction Act aims to reduce greenhouse gas emissions by 40% by 2030 compared to 2005, while the EU Green Deal intends to make the EU the first climate neutral bloc by 2050, pledging at least
  trillion in sustainable investments this decade.
• Renewable energy and electric vehicle (EV) adoption are growing rapidly, led by China. In 2023, China invested $676 billion in the clean energy economy, representing 38% of the global total. Global renewable electricity capacity reached 4500 GW, and EV sales rose to 14% of all new car sales in 2022.
• The transition is driving a 'gold rush' for critical minerals, creating geopolitical tensions and human rights risks. China controlled 70% of global rare earth production in 2022. In the Democratic Republic of Congo, 20% of the world's cobalt is extracted by informal mining communities, often in a governance vacuum.
• There is a significant gap in private sector funding for nature and biodiversity. While $600-800 billion annually is needed for global nature restoration targets, current funding is under $150 billion, with private sector investment contributing only $26 billion per year.
• Global financial architecture remains dominated by high-income countries and is insufficient for the needs of vulnerable nations. The Bridgetown Initiative, led by Barbados, calls for a transformation of development financing, including faster debt relief and the use of Special Drawing Rights (SDRs).
• Social justice and 'just transition' principles are becoming mainstream, but implementation is hindered by a lack of citizen trust and participatory mechanisms. While 38% of Nationally Determined Contributions reflect just transition principles as of 2022, projects like South Africa's JETP struggle due to insufficient stakeholder engagement.
• Carbon pricing is expanding but remains ineffective due to low prices and rising fossil fuel subsidies. Approximately 23% of global greenhouse gas emissions are now covered by carbon taxes or Emissions Trading Systems, but fossil fuel subsidies increased from EUR 56 billion (2015-2020) to EUR 123 billion in 2022.

APA

Benson, E., Martin, B., Martinez, S., Hopkins, C., Greenfield, O., McLean, J., Bazan, M., Goes, M., Kelly, L., Montmasson-Clair, G., & Pike, J. (2024). The status of the transition to green & fair economies: 2024. Green Economy Coalition. https://www.greeneconomycoalition.org/assets/reports/GEC-Reports/GEC_Status_of_Transition_Green_Fair_Economies_2024_FINAL.pdf

Chicago

Benson, Emily, Ben Martin, Sofia Martinez, Chris Hopkins, Oliver Greenfield, Jean McLean, Mario Bazan, et al. The status of the transition to green & fair economies: 2024. Green Economy Coalition, 2024. https://www.greeneconomycoalition.org/assets/reports/GEC-Reports/GEC_Status_of_Transition_Green_Fair_Economies_2024_FINAL.pdf.

Wikipedia

{{cite report |last1=Benson |first1=Emily |last2=Martin |first2=Ben |last3=Martinez |first3=Sofia |last4=Hopkins |first4=Chris |last5=Greenfield |first5=Oliver |last6=McLean |first6=Jean |last7=Bazan |first7=Mario |last8=Goes |first8=Marysol |last9=Kelly |first9=Laura |display-authors=etal |title=The status of the transition to green & fair economies: 2024 |publisher=Green Economy Coalition |date=2024 |url=https://www.greeneconomycoalition.org/assets/reports/GEC-Reports/GEC_Status_of_Transition_Green_Fair_Economies_2024_FINAL.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{benson2024status, author = {Benson, Emily and Martin, Ben and Martinez, Sofia and Hopkins, Chris and Greenfield, Oliver and McLean, Jean and Bazan, Mario and Goes, Marysol and Kelly, Laura and Montmasson-Clair, Gaylor and Pike, Jo}, title = {{The status of the transition to green \& fair economies: 2024}}, institution = {Green Economy Coalition}, year = {2024}, url = {https://www.greeneconomycoalition.org/assets/reports/GEC-Reports/GEC_Status_of_Transition_Green_Fair_Economies_2024_FINAL.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }