The Global Commission on the Economy and the Climate has released a report that identifies ten concrete economic opportunities that could also reduce emissions, and close up to 96% of the gap between business-as-usual emissions and the level required to limit temperature rise to below 2°C compared to pre-industrial levels.
The report was prepared in the context of international climate negotiations for a new climate deal expected to be reached at the Paris Climate Change Conference in November-December 2015.
6 July 2015: The Global Commission on the Economy and the Climate has released a report that identifies ten concrete economic opportunities that could also reduce emissions, and close up to 96% of the gap between business-as-usual emissions and the level required to limit temperature rise to below 2°C compared to pre-industrial levels. The report was prepared in the context of international climate negotiations for a new climate deal expected to be reached at the Paris Climate Change Conference in November-December 2015.
The report, titled ‘Seizing the Global Opportunity: Partnerships for Better Growth and a Better Climate,’ focuses on international and multi-stakeholder partnerships. It calls for strengthened cooperation among governments, businesses, investors, cities and communities to drive economic growth, while achieving a low-carbon economy.
The report shows how recent global economic trends, such as decreasing clean energy costs, oil price volatility and increased carbon pricing, are building momentum for low-carbon development. Lord Nicholas Stern, Commission Co-Chair, noted the increasing number of countries that are integrating climate action into national economic plans, calling strong economic growth that is also low-carbon the “new normal.”
The Commission’s recommendations include: scaling up partnerships among cities to drive low-carbon urban development, and investing in public transport, building efficiency and improved waste management; enhancing partnerships, such as REDD+ and the Africa Climate-Smart Agriculture Alliance, to halt deforestation by 2030 and restore degraded farmland; collaborating to reduce the cost of capital for clean energy, with the aim of investing US$1 trillion in countries by 2030; raising energy efficiency standards in the world’s major economies; and reducing emissions from aviation and shipping under international treaties, as well as from hydrofluorocarbons (HFCs) under the Montreal Protocol.
The report finds that businesses are already behind a US$5.5 trillion global market for low-carbon goods and services, and advocates for additional business partnerships to open new markets, share costs, and reduce concerns regarding the competitiveness impacts of climate policies. In addition, the Commission contends that: the report’s recommendations will enhance national pledges, or intended nationally determined contributions (INDCs) being submitted by countries under the UNFCCC; and INDCs should be viewed as “floors, not ceilings” to emission reduction targets.
Report Director Michael Jacobs said that the Paris climate agreement should ensure a process for regularly strengthening national commitments, while Helen Mountford, New Climate Economy, noted that, in 2014, for the first time in decades, emissions held steady while the global economy grew.
The report continues the work undertaken in the 2014 report ‘Better Growth, Better Climate: The New Climate Economy Report. The Global Commission is made up of 28 leaders from 20 countries working in the government, business and finance sectors. [Global Commission Press Release] [Publication: Seizing the Global Opportunity: Partnerships for Better Growth and a Better Climate]