Finally, the UN climate summit (COP26) is approaching! In November, the world will meet again in Glasgow. But hold on… Wasn’t COP26 supposed to take place in 2020? Correct! Despite the urgency to achieve progress regarding the climate crisis, the conference had to be postponed due to the even more immediate threat of the crisis caused by the coronavirus.
Il G20 in Italia, tutte le notizie e gli aggiornamenti
Il G20, ovvero “Gruppo dei 20”, è il principale forum di cooperazione economica e finanziaria a livello globale. Si tiene ogni anno, e riunisce le principali economie del mondo, ovvero Canada, Francia, Germania, Giappone, Regno Unito e Stati Uniti (cioè i paesi del G7), i paesi del gruppo “BRICS” – Brasile, Russia, India, Cina e Sudafrica – e anche Arabia Saudita, Australia, Argentina, Corea del Sud, Indonesia, Messico e Turchia. A questi si aggiunge anche l’Unione Europea. Si tratta di un gruppo di paesi che costituiscono l’80% del PIL globale, nonché il 60% della popolazione del pianeta. Quest’anno la presidenza è dell’Italia.
Climate change represents a rapidly emerging challenge for central banks, particularly in developing economies. Central banks have tools to increase the economy’s resilience, enable reallocation of resources to reduce costs and grasp opportunities, and smooth the transition to a low carbon economy. Specific measures, such as changes to selected macroprudential rules, merit consideration. The climate challenge also highlights two traditional mandates. First, price and financial stability support investment and long-term price discovery, both crucial to climate response.
The lack of international cooperation and agreement surrounding GHG emissions impedes energy transition pathways, including the Circular Carbon Economy (CCE) approach endorsed by the 2020 G20 Summit to advance hard-to-abate sectors towards carbon neutrality. This Policy Brief recommends that the G20 support the development of and adherence to consistent measuring, reporting, and certifying of emissions by industries, along with energy usage.
The COVID-19 pandemic has added urgency to addressing Energy Poverty challenges. Local energy initiatives can support local employment, while bringing benefits to vulnerable consumers. In more developed countries, energy communities can deliver the energy transition at citizen level. For rural areas lacking access to electricity, it appears essential to encourage the role of private investors in micro-grid development to accommodate the basic and future energy needs of developing countries.
G20 countries should make a renewed commitment towards providing stronger incentives for investment in low-carbon technologies, including through carbon pricing, but also via a more rapid phasing out of fossil fuel subsidies. To help redirect finance towards green investment G20 countries should work on the establishment of common international standards for consistent and comparable public disclosure as well as supervisory and regulatory reporting.
Improvements in energy efficiency (EE) can deliver a “double dividend” by reducing emissions and helping to protect the environment. Yet, constraints such as limited access to finance and inadequate policy tools and instruments have placed serious limitations on the promotion of EE improvements. In this policy paper, we first highlight the key policy challenges surrounding the promotion of EE financing in support of green innovation and economic growth.
In the last three years, green hydrogen has been gaining significant momentum. Hydrogen will become a key component of decarbonisation strategies, enabling low-carbon energy storage and transportation. Producing cost-competitive hydrogen is difficult because of insufficient technology and manufacturing readiness levels, lack of scale and lack of political support. Economies of scale for hydrogen production could be achieved by introducing hydrogen in global industries which are major CO2 emitters. One of those is steel-making, accounting for roughly 7% of global CO2 emissions.
Resource extraction and consumption is projected to double by 2060. However, today only 8.6% of raw materials extracted are put back into circulation, which worsens pressure on ecosystems, intensifies pollution and waste issues, and accelerates climate change. The transition from a linear to a circular economy opens a pathway for a green, more sustainable and resource-conscious future.
Forests and the ocean are vital for climate, biological diversity, and human communities, but they are degraded and their ecosystem services are seriously impaired, mainly because financial, economic and governance structures are misconfigured. We propose that G20 help strengthen the REDD+ climate instrument for forests and extend it to Blue Carbon1 from coastal and marine ecosystems. Scaled up to cover the Earth’s two largest, most diverse and most productive ecosystems, these two approaches can deliver significant economic and climate benefits.
The COVID-19 pandemic has led many countries to initiate unprecedented economic recovery packages. G20 policy makers tackling the health crisis, which is far from over, have also been encouraged to prioritise strategies which help to mitigate another looming crisis of climate change. Among the policy interventions that support climate change mitigation, promoting investments in labour intensive green infrastructure, establishing a private financing catalysing facility, and designing ambitious carbon pricing schemes are found to boost economic recovery in the short and medium-term.
Catalysing the G20’s competitive advantage on global climate action, this policy brief proposes: 1. To swiftly act to fill the existing vacuum on coordination in the global governance architecture imperative to align the legal and policy regimes on climate and trade. Coordination is the G20’s remit and imperative for systemic global scale action, as demonstrated by the COVID-19 pandemic.
The G20 should control climate change by mobilizing nature-based solutions to: