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Saturday, September 30, 2023

G20 climate report sends ‘strong signal’ to COP24

At the margins of the G20 summit that held over the weekend in Buenos Aires, Argentina, international institutions, the Organisation for Economic Co-operation and Development (OECD), World Bank and United Nations Environment Programme (UNEP) handed over a report titled “Financing Climate Futures – Rethinking Infrastructure” to the G20 trio of Germany (as past), Argentina (as current) and Japan (as incoming) G20 presidency.

Svenja Schulze
German Environment Minister, Svenja Schulze

German Environment Minister, Svenja Schulze, said: “The next decade will be crucial if we want to limit global warming to well below two degree or even further to 1.5 degrees. Investments into climate friendly infrastructure can help boost sustainable green growth also by avoiding lock-in effects of carbon intense projects and assets. The report sends a strong signal by the institutions to the international community and the upcoming climate conference in Kattowice.”

During the German presidency, the climate and energy action plan for growth was adopted by the G20. It sets out concrete steps and measures how the group can implement the Paris climate agreement for the mitigation, adaptation and finance objectives.

The report was delivered in response to an invitation to the three international institutions to analyse previous steps of the G20 for steering financial flows into low-emission and climate resilient growth. The report focusses on the planning of infrastructure and its financing as key factors for climate compatible growth. The German Federal Ministry for the Environment, Nature Conservation and Nuclear Safety (BMU) has supported the joint initiative of the three organisations.

“Financing Climate Futures – Rethinking Infrastructure” proposes a transformative agenda that will help to shift from an incremental progress of the financing of climate action to a systematic change. The report outlines six key areas for action and provides respective policy recommendations:

  • Plan low-emission and resilient infrastructure
  • Unleash innovation to accelerate the transition to low-emissions technologies, business models and services
  • Ensure fiscal sustainability for a low-emission, resilient future
  • Reset the financial system in line with long-term climate risks and opportunities
  • Rethink development finance for climate
  • Empower city governments to build low-emission and resilient urban societies

Schulze, it was gathered, will discuss the key findings with the heads of the involved international organisations at a high-level event during COP 24 in Poland, on December 12.

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