Apart from making a name for himself as President of Mexico, Felipe Calderon has been chairing for some time an organisation best known as The Global Commission on the Economy and Climate.

Over the past months, this organisation has overseen what has been called the New Climate Economy Project.

Another distinguishing mark that this commission has is that it comprises former heads of government, finance ministers and leaders in the fields of economics, business and economics with hardly any coming from the environmental or sustainability sector itself.

Although the members of the commission serve in their personal capacity, and the institutions with which they are affiliated had not been asked formally to endorse their reports and findings, one cannot dismiss lightly the fact that they include a president and CEO of Bloomberg LP, a secretary general of the OECD, a former chair of the Bank of America, a former CEO of Unilever, the managing director and COO of the World Bank, a vice chair of Deutsche Bank Group, a former CEO of Swiss Re, a former president of the Asian Development Bank, a Deputy Governor of the Bank of England and a former deputy managing director of the IMF, together with the president and CEO of the China International Capital Corporation.

Growth is vital but it is ultimately the quality of growth that matters

All will no doubt agree we are very far from having a motley crew of tree huggers.

And, yet, the conclusion they drew on the need for synergy between the economy and climate can be easily adapted also to the future paths that the economy and the environment must follow, in tandem, to each other’s benefit.

When discussing the recently-published ‘European environment state and outlook 2015 report’ during an EU environment ministerial meeting in Brussels, attended by Maltese European Commissioner Karmenu Vella, I found it well nigh impossible to hold back from drawing on such a report when recommending the way forward in ensuring that the recommendations and action plans of the EEA report on the environment are met in the most practical, feasible and sustainable of manners.

These are the kind of reports that need to go beyond purely environmental fora.

They need to be addressed to economic decision makers across the world in both public and private sectors.

Particularly since their core conclusion is that by shaping the main processes of structural and technological change now occurring in the global economy we can create lasting economic growth while also tackling the immense risks of climate change and the challenges and opportunities that a healthy environmental sector should offer.

The fact that the said commission is made up of leaders of businesses, cities, international organisations and key research institutions is the best guarantee that their wealth of experience can offer the key comfort: that their research has been grounded in reality. And, even more importantly, that, rather than being pie in the sky, their recommendations can be easily implemented.

Not content with the luminaries on the commission, it is now common knowledge that they have also been advised by a panel of 15 distinguished economists, all of whom are world leaders in their respective economic disciplines.

They are eminent personalities with diverse perspectives on the economics of growth, development and structural transformation, public policy, risk and economic history.

In their action plan, they came forward with practical ways how to catalyse action to achieve both better growth and a better climate. And, I would even venture to add, a better environment too.

As their preface clearly spells out, the need is urgent because decisions made today and over the next few years will determine the future course of economic growth, climate change, and, yes, a sustainable environment too.

This becomes even more important during this particular year when world leaders will come together to decide on new goals for sustainable development and to achieve a new climate agreement.

As well as when the EU’s future environmental direction will be more clearly spelt out, particularly as far as the circular economy is concerned, a first draft of which has been promised by the commissioner by autumn.

It is hoped the document will become part of the working plan of the European Commission by next year at the latest. While the next 15 years of investment will also determine the future of the world’s climate and environmental systems, future economic growth surely does not have to copy the high carbon, unevenly distributed model of the past.

The drivers of change must, among other things, be those of raising resource efficiency, the type of investment in infrastructure as well as the stimulation of innovation. Well-designed policies in these areas can make growth and climate/environmental objectives not only sustainable but will also mutually reinforce them in both the short and medium term.

This is why consistent, credible, long-term policy signals are crucial.

Growth is vital but, then, it is ultimately the quality of growth that matters, apart from its rate.

Not only must we consider practical ways of reducing capital costs for low carbon infrastructure investments but we also need to scale up innovation in key low carbon, climate-resilient and environment-friendly technologies.

I strongly recommend that governments, decision makers, eNGOs, and all institutions linked to climate and sustainability issues should go through such a practical and doable report.

Particularly since the wealth of evidence presented by it shows that there is now huge scope for action which can both enhance growth and reduce climate and environmental risks and damage.

Leo Brincat is Minister for Sustainable Development, the Environment and Climate Change.

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