As the Sherpas meet to prepare for the G20 Leaders’ Summit on 7-8 July, Climate Action Network calls on the G20 to deliver a strong commitment to the swift implementation of the Paris Climate Agreement.
Global economic and financial governance must be coherent with Agenda 2030’s sustainable development goals and the requirements of the Paris Agreement to safeguard development against climate risks and to provide a safe future for all citizens of the world.
We expect the G20 to signal their unfaltering commitment to the Paris Agreement. But reaffirming the Paris Agreement is not enough: The G20 must also deliver comprehensive measures for its implementation, including:
- A strong and comprehensive G20 Action Plan on Climate and Energy for Growth, capitalizing on the impressive work of the Sustainability Working Group, the Green Finance Study Group and the Task Force for Climate Related Financial Disclosure.
- Concrete steps towards zero-emission and climate-resilient economies as soon as possible, including through initial long-term low-carbon development strategies with concrete sectoral targets by 2018.
- Aligning financial flows and markets with the goals of Paris Agreement, shifting investments away from fossil fuels towards renewable, clean energy provision for all. A key element of this is a commitment to phasing out fossil fuel subsidies by 2020 and phasing in an effective price on carbon.
Civil society is not alone in this: Businesses (B20), think tanks (T20) and civil society (C20) issued a joint statement for a sustainable energy transition, calling for the G20 to take the lead on implementing the Paris Agreement. Last week, 217 investors, representing more than USD 15 trillion in assets, called on the G20 to put in place measures to implement their NDCs with “the utmost urgency.” 93 of the world’s largest companies and the 48 nations most vulnerable to climate change have committed to 100% renewable energy. The world is moving in one direction.