Climate Talks > 10 ways to almost close global emission gap while boosting GDP -report

10 ways to almost close global emission gap while boosting GDP -report

Published 11:59 on July 7, 2015  /  Last updated at 23:48 on November 23, 2022  / Ben Garside /  Climate Talks, International, Nature-based, Voluntary

Up to 96% of emission cuts needed to limit global warming to 2C can be made with 10 actions that drive economic growth, according to a report by the Global Commission on the Economy and Climate.
  • Report urges IMO should adopt global emission target for shipping
  • REDD+ among initiatives needed to halt deforestation
  • All developed/emerging nations should introduce or strengthen CO2 pricing by 2020

Up to 96% of emission cuts needed to limit global warming to 2C can be made with 10 actions that drive economic growth, according to a report by the Global Commission on the Economy and Climate.

“This report shows that success is possible: we can achieve economic growth and close the dangerous emissions gap,” said former President of Mexico Felipe Calderón, Chair of the Commission, comprised of 28 leaders from 20 countries, including former heads of government and finance ministers, business people, investors, city mayors and economists.

The report is a follow-up to the group’s landmark report last September, which concluded it was possible to build sustainable economic growth while addressing climate change.

It calls for stronger economic cooperation between governments, businesses, investors, cities and communities to drive economic growth in the emerging low-carbon economy.

It urges INDCs to be seen as “floors, not ceilings” to national emissions reduction targets for a year-end UN climate deal in Paris to set a regular procedure for scaling them up.

“We know that the current INDC pledges are not likely to get us to the 2°C world we need. But this report shows there is significant room for stronger action that is in countries’ economic self-interest,” said Michael Jacobs, a report director with think-tank New Climate Economy.

The Commission’s 10 recommendations are:

  • Scaling up partnerships between cities to drive low-carbon urban development. Investment in public transport, building efficiency, and better waste management.
  • Enhancing partnerships such as REDD+ to bring together forest countries, developed economies and the private sector to halt deforestation by 2030 and restore 500m ha of degraded land.
  • Governments, development banks and private sector should collaborate to reduce the cost of capital for clean energy, with the goal of investing US$1 trillion in developed and developing countries by 2030.
  • Raise energy efficiency standards for goods such as appliances, lighting, and vehicles (The G20 and other countries)
  • Commit to introducing or strengthening carbon pricing by 2020, phase out fossil fuel subsidies. (All developed and emerging economies, and others where possible) NOTE – The Commission will publish a more details report on this soon.
  • Integrate climate risk and climate objectives into national infrastructure policies (G20 and other countries)
  • Governments and private sector form strategic partnerships to accelerate research, development and demonstration (RD&D) in low-carbon technology areas.
  • All major businesses adopt short- and long-term emissions reduction targets and action plans, all major industry sectors and value chains agree on decarbonisation roadmaps. Financial sector regulators and shareholders encourage companies and banks to disclose critical carbon and environmental, social and governance factors and incorporate them in risk analysis, business models and investment decision-making.
  • Action to reduce emissions from aviation and shipping under international treaties at the UN’s ICAO and IMO, including a global emission target for shipping.
  • Phase down HFCs refrigerant gases under the Montreal Protocol

By Ben Garside – ben@carbon-pulse.com