G20 Summit: New Report Financing Climate Futures – Rethinking Infrastructure
At the margins of the G20 summit taking place this weekend in Buenos Aires, the sherpas of the international institutions OECD, World Bank and UNEP handed over the report Financing Climate Futures – Rethinking Infrastructure to the G 20 troika.
The troika consists of Germany as past, Argentina as current and Japan as incoming G20 presidency. The summit is expected to send signals to the climate conference, taking place in Katowice.
Minister Schulze: “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 analyze previous steps of the G 20 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 organizations.
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:
1. Plan low-emission and resilient infrastructure
2. Unleash innovation to accelerate the transition to low-emissions technologies, business models and services
3. Ensure fiscal sustainability for a low-emission, resilient future
4. Reset the financial system in line with long-term climate risks and opportunities
5. Rethink development finance for climate
6. Empower city governments to build low-emission and resilient urban societies
Minister Schulze will discuss the key findings with the heads of the involved international organisations at a high-level event during COP 24, on Decembe 12.