Pursuing 1.5 degrees: Opening up new opportunities for the economy & development, implementing the SDGs
COP24 Side Event
Federal Ministry for Economic Cooperation and Development (BMZ), New Climate Economy (NCE), German Development Institute / Deutsches Institut für Entwicklungspolitik (DIE)
Implementing ambitious climate policies – aimed at limiting global warming to 1.5 degrees – should not be perceived as only posing challenges for countries and economies. On the contrary, ambitious climate policies can lead to new development prospects with substantial economic and social gains. The earlier action is taken, the greater the potential to achieve synergies with the SDGs.
These are key messages of the recent report of the New Climate Economy: „Unlocking the Inclusive Growth Story of the 21st Century: Accelerating climate action in urgent times”, and of the IPCC 1.5°C Special Report, respectively.
Ambitious climate action enables public health benefits thanks to less air pollution, higher economic growth, millions of new jobs, as well as additional public revenues from carbon pricing, inter alia.
The New Climate Economy (NCE) report „Unlocking the Inclusive Growth Story of the 21st Century: Accelerating climate action in urgent times“, published in September 2018, decisively argues that there is only one way to achieve growth and prosperity in this century and it is to align growth strategies with ambitious climate policy rather than against it. According to the NCE, rapid technological innovation, sustainable infrastructure investments, and increased resource productivity are key drivers for a strong, sustainable, balanced, and inclusive growth.
The NCE report calls on political decision makers to ensure the right policy approach such as the use of carbon pricing, to phase out counterproductive tax breaks and to create climate-friendly incentives and regulations. Furthermore, the report calls on decision-makers and financiers to invest in zero-emission infrastructure only.
The IPCC’s 1.5°C Report argues that the earlier action is taken in pursuit of the 1.5°C goal, the more synergies with the SDGs can be achieved and the fewer trade-offs between climate and development objectives need to be managed.
Beyond avoiding disastrous impacts from climate change, compelling development reasons exist for fast and ambitious climate action. However, the development-benefit dimension of climate action remains underreported and underdiscussed. The event aims to discuss opportunities for raising awareness and action.
- Gerd Müller, Federal Minister for Economic Cooperation and Development (BMZ), Germany
- Nicholas Stern, Co-Chair of the Global Commission on the Economy and Climate; London School of Economics
- Christiana Figueres, Former Executive Secretary UNFCCC; Vice-Chair of the Global Covenant of Mayors for Climate & Energy
- Irina Ghaplanyan, First Deputy Minister for Nature Protection, Armenia
- Ottmar Edenhofer, Potsdam Institute for Climate Impact Research
- Preety M. Bhandari, Asian Development Bank, Manila
- Maja Göpel, Secretary General, German Advisory Council on Global Change (WBGU)