G20: time to recommit to leadership on climate change
In the past the G20 has demonstrated real leadership on climate change. In previous summits, G20 leaders have called for bold action and offered substantive ideas for how to transition to a low carbon economy.
As the G20 prepares to meet in Brisbane this weekend, business welcomes the call for “strong and effective action to address climate change, consistent with sustainable economic growth and certainty for business and investment.”
We now encourage them to back this language with ambitious and tangible action.
As a coalition of organizations working with thousands of the world’s most influential businesses and investors on climate action, we believe “strong and effective action” must include:
- Urgency and ambition to stabilize greenhouse gas emissions and hold global temperatures below 2 °C:
- Continuing to implement domestic policies through 2030 that support bold business action to cut emissions, including:
- Eliminating subsidies that incentivize high-carbon energy
- Enacting meaningful pricing of carbon
- Ending deforestation
- Putting in place robust energy efficiency standards
- Supporting the scale-up of low carbon energy
- Ensuring that all policy regimes dealing with fiscal, energy, industry and trade related issues provide actionable incentives for an early transition to a low carbon future
- Establishing a clear long-term global goal that provides the necessary direction to decision makers, such as (net) zero emissions well before the end of the century;
- Enhancing existing mechanisms by which we improve transparency and accountability in monitoring climate ambition and action, and ensure a stable and predictable low carbon investment environment;
- Continuing to scale up public finance to support resilience-building and accelerate low carbon investment by the private sector
G20 leaders have already pledged to real action on a variety of these issues including the commitment to progressively phase out inefficient and wasteful subsidies that encourage high carbon practices. They have further pledged to support the full implementation of the agreed outcomes under the United Nations Framework Convention on Climate Change (UNFCCC). This includes a commitment to holding temperatures below 2 °C.
We would like to see these substantive actions included in the final communiqué. The credibility of the G20 rests upon action – and not just words.
With the release of the IPCC Synthesis report, this is not the time for the world’s leaders to deviate from previous promises to take action on climate change.
Furthermore, the recent Global Commission on the Economy and Climate’s report demonstrates that action on climate is compatible with economic growth. In particular, we urge the G20 to consider the report’s findings on climate-compatible infrastructure investment as they work to establish a global infrastructure hub.
Businesses can be more ambitious if the right polices are in place.
It’s time for the G20 to be bold.