Illicit Financial Flows and Just Energy Transition

This webinar explores the critical issue of illicit financial flows (IFFs) and their impact on poverty and vulnerability. IFFs significantly undermine efforts towards sustainable development by diverting resources away from public services and infrastructure, exacerbating economic inequality, and perpetuating cycles of poverty. Expert speakers from diverse fields, including academia, policy-making space, and private practice, will explore the mechanisms through which IFFs operate and their detrimental effects on economic stability and social equity. A webinar presented by the IBA Poverty and Social Development Committee, supported by the IBA Asset Recovery Committee and the IBA African Regional Forum. Supported by Afronomicslaw, and Schulich School of Law of Dalhousie University, Halifax, Nova Scotia

In recent times, developing countries are faced with a challenging task of balancing their commitment under various international instruments such as the Paris Agreement to achieve a Just Energy Transition and their pertinent need for industr1ialization and development. At the center of this contention is the knowledge that resources are scarce and must be allocated judiciously towards desired goals. The existing scarce resources are further plundered through illicit financial flows because of ineffective systems in developing countries. This paper examines the idea of a Just Transition through the lens of developing countries like African countries whose contribution to global greenhouse gas emissions have been minimal. The paper highlights access to finance as a key component of an expedient Just Transition and highlights illicit financial flow as a threat to the realization of the Just Energy Transition among other pre-existing structural challenges. This paper calls on developing countries to tighten their ship in retaining capital and limiting the illicit exportation capital towards realizing the Just Energy Transition.