New report commissioned by the Global Commission on the Economy and Climate says that 2015 is a year of unprecedented opportunity towards a low-carbon future
Momentum is already building – technological innovation, new economic trends and political commitments are all coming together – towards a low-carbon future. But the pace of change needs to be accelerated to stimulate further and better quality growth and reduce climate risks.
Several emerging trends and developments offer new opportunities to accelerate the transition to low-carbon growth and prosperity. The study highlights six:
- rapid innovation and declining costs of clean energy technologies;
- the fall in oil prices as an opportunity to advance carbon pricing and fossil fuel subsidy reform;
- growing international attention to infrastructure investment, particularly in the context of low interest rates;
- heightened awareness of climate risks in the financial sector;
- rising interest in low-carbon growth pathways in emerging and developing economies; and
- an acceleration of the decline in the carbon intensity of the global economy.
Highlights
- 2015 is a year of unprecedented opportunity.
- A goal once seen as distant – to end extreme poverty, achieve broad-based prosperity and secure a safe climate, all together – is increasingly within reach.
- Technological innovation, new economic trends, and new political commitments are now combining to build momentum for change
- At the same time, the costs of continuing the current fossil fuel-based economic model are becoming ever clearer.
- While CO2 emissions are beginning to decouple from growth in both advanced and some emerging economies, this process needs to accelerate if we are to avoid the worst impacts of climate change on human welfare and the global economy.
- Achieving a new international climate agreement in Paris would provide a vital foundation for building a lower-carbon and more resilient global economy, sending a strong signal to businesses and investors.
- The “intended nationally determined contributions” (INDCs) that countries are submitting for Paris should be as ambitious as possible this year, but should be considered as floors rather than ceilings to national ambition over the coming years.
- This report identifies 10 key areas of opportunity for stronger climate action which will also bring significant economic benefits. Together, it is estimated that these could achieve at least 59% and potentially as much as 96% of the emissions reductions needed by 2030 to keep global warming under 2°C
- Multi-stakeholder and international partnerships can in this way strengthen current momentum, and help drive further economic growth and climate action together.
Emissions from the international aviation and maritime sectors should be reduced in line with a 2°C pathway through action under the International Civil Aviation Organization (ICAO) to implement a market-based measure and aircraft efficiency standard, and through strong shipping fuel efficiency standards under the International Maritime Organization (IMO).
The Global Commission urges the international community to seize the opportunity of the unique series of meetings occurring in 2015 to put the world on a pathway to low-carbon, climate-resilient growth and development. Cooperative action, between governments at all levels and with the private sector, international organisations and civil society, can help achieve both better growth and a better climate. This will require strong and sustained political leadership. But the prize is immense. Together, a secure, prosperous and sustainable future is within our reach.
You may read the report by clicking below
Please click below to read executive summary
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