As the G20 Nations gathered in London, calls to include strong language and even financial commitments towards green economic development and carbon-friendly economies was loud and clear
It is time to tackle the economic crisis and the climate crisis at the same time.
UK Prime Minister Gordon Brown has to be commended for adding climate change to the crowded agenda for the London Summit. Climate Change must be regarded as the most critical – even existential issue confronting the global community.
Ed Miliband (UK Energy and Investment Secretary) is proud of language in the G20 Summit Communiqué:
“(People) now have a sense that the economy of the future we’re trying to build is … a low-carbon economy and that’s very significant.”
Laying Solid Groundwork for Copenhagen
At this summit leaders state clearly and concisely throughout the communiqué the importance of planning for future generations and including a green recovery that includes promotion of low-carbon economies and commitment to achieve agreement in Copenhagen (December 2009 is the deadline for achieving a new climate change regime to replace the failed Kyoto one) .
Download the entire communiqué
Opening statements of the communiqué:
South Korea and U.S. Leading Calls for Climate Friendly Recovery
In an ideal world, leaders at the summit would have committed specific resources or a target of at least 20% of the economic stimulus for identified truly green carbon-friendly investments as president Lee Myung-bak has done for South Korea. Identifying the types of investments that are green including: insulated buildings, expanding rail transit, low carbon vehicles and fuels, subsidizing lean energy production and use, scrapping old cars would also have been remarkable. These green carbon-friendly investments need to replace investment that encourages the old economy – things like replacing bridges and roads which locks in the carbon-intensive economies and lifestyles of old.
Almost certainly, the U.S. would have liked to see firmer economic stimulus commitments, including ‘Climate Friendly’ economic investments. Obama ran a presidential campaign pledging to cut greenhouse gas emissions by 80% by the middle of the century. Obama followed up on this promise by putting the green economy at the center of his economic recovery plan for the U.S. Consensus is emerging among policy makers in Washington on the need to move America away from fossil fuels and cut greenhouse gas emissions.
Obama’s Energy Secretary Steve Chu, back in February made a clear call for action on climate change and Barbara Boxer, chair of the Senate’s environment and public works committee, said “If you want to fight this recession, do it by mobilising to become energy independent with clean energy and really save this planet.”
Insurance & Carbon Reduction Targets
- It could also have been argued that a review of the insurance industry and their base assumptions about climate and weather impacts on the industry’s ability to weather emerging climate change scenarios was in order at this G20 Summit.
- The leaders too, could have locked in agreement on a cap-and-trade or carbon taxing system to discourage carbon emissions.
However, it is clear that such measures are the domain of other international meetings such as the upcoming G8 meeting in Italy this July, or more importantly the Major Economies Meetings on Energy Security and Climate Change meetings and the lead-up to the United Nations Summit in Copenhagen. It is clear that major investments will need to be made to support necessary climate change control initiatives agreed to at these meetings.
Unfair Criticism of G20 on Climate
Some have branded the G20 Communique a failure for Climate Change. As environmental group Greenpeace’s executive director John Sauven remarked, “For making the transition to a ‘green’ economy there is no money on the table, just vague aspirations.”
With so little time at this G20 Summit, and the significant need to create financial oversight and regulation of investment as a top priority, the leaders could not spend the time required to put the finer financial details on the issue of climate change or indeed on any of the fiscal stimulus commitments by G20 members.
The UN General Secretary Ban Ki-moon was encouraged saying, “the G20 leaders recognized the inextricable links between addressing the economic crisis and addressing food security and climate change.”
Despite the Summit Communiqué lacking clear investment targets, climate change advocates must be in agreement that language like the following is a bold step forward that helps create a vision, a framework and a process towards agreement on a comprehensive climate-friendly recovery plan by the end of 2009.
An Agreement to Agree
Kyoto protocol was not universally adapted by world leaders. A such it can only be described as an unsuccessful initiative. The leaders of the G20 have Included a reaffirmation that the leaders of the G20 Nations will agree to terms for a comprehensive climate change solution by the end of 2009.
Low Carbon / Climate Friendly Groundwork is Laid at London Summit 2009
It is encouraging to see that green technology and climate change have made a bold entry on the stage of international economic discussions for the first time. As a result of the commitments made in this G20 communiqué future discussions of economic stimulus must address climate change. For leaders to agree that the issues of economics and climate change are tightly bound is a necessary first step toward achieving a breakthrough agreement on climate change by the end of 2009. This is a significant step forward for the development of the ‘Green Economy’.
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