The climate sector has not been short of studies, research projects and analysis but there is no doubt that the most groundbreaking document published in recent months was ‘The new climate economy report – better growth, better climate’ that was welcomed by most governments and corporate leaders.
Being published as it was literally on the eve of the recent UN Secretary General’s climate summit, it showed that across key sectors of the world economy there is opportunity for low carbon growth to drive investment, provide jobs as well as better health, business productivity and quality of life.
There is, however, one caveat: that is possible only if we act now.
Such initiatives, as was the case with the UN summit itself, should serve the purpose of pushing for further momentum towards getting a global deal on climate towards the end of next year.
As the recognition grows that the world can tackle climate change without harming economic growth, a quick read through the report instantly reveals that, in the long run, greener cities would be cheaper to build. That, where applicable, governments need to repair farmland.
That renewables could soon provide half of the electricity supply that is needed.
That subsidies on fossil fuel need to be ditched.
That green bonds could eventually fund a move towards a low carbon world.
That R&D will be crucial.
And, most importantly, that this process will not work without the governments’ help.
This project has been overseen by the Global Commission on the Economy and Climate, comprising as it does former heads of government and finance ministers together with eminent leaders in the areas of economics, business and finance.
This is undoubtedly the flagship project of the said commission.
It has been in the making since last year, having been commissioned by a number of governments ranging from those of Colombia, Ethiopia, Indonesia, Norway, S Korea, Sweden and the UK.
In the long run, greener cities would be cheaper to build
Even though the commission benefitted from the support of these seven varied governments, it has been given the full freedom to reach its own conclusions.
There was a time when people and governments thought that, like globalisation, climate change could be ignored.
On the contrary, all those who want to secure economic growth, improve living standards, create jobs and cut poverty are realising that for their businesses to actually expand and even become more profitable they must deal positively with the challenge of climate change. Coming at a time when practically every country in the world is experiencing economic problems of sorts, the 10-point global action plan contained in the said report can help catalyse action to achieve better growth and a better climate.
I am saying so encouraged by the fact that, rather than relying on the usual mantras and wish lists, the report actually proposes practical measures that can be implemented not just by national governments but by cities and regional authorities, businesses, communities and international organisations too.
If all those who analyse this report in depth realise that the need is now urgent, because decisions made today and over the next few years will determine the future course of both economic growth and climate change, then the report will have served its purpose.
Until the world leaders come together in 2015 to decide on new goals for sustainable development and to achieve a new climate agreement, at home they need to continue to make vital economic decisions.
If, when doing so, they choose to give serious consideration to the research and recommendations presented in this study, then the report will have truly served its purpose.
Leo Brincat is Minister for Sustainable Development, the Environment and Climate Change.