The G20 and the Transition to a Greener Economy

The G20 has a pivotal role to play in support of the development of a more sustainable economy. This entails sustainable green growth powered by clean technologies and respect for nature's biodiversity.

Already some international efforts are underway. The World Bank, in partnership with organizations including UNEP, will be assisting developing countries with national, green accounts. But there are still major obstacles that need to be overcome, not the least of which is subsidies for the oil industries and certain fisheries. Subsidies use tax dollars that cause global warming and depletion of dwindling fish stocks.

Global subsidies that contribute to climate change total up to $800 billion and over $27 billion goes to fishing subsidies.We need to do more than address the contradictions inherent in existing economic models, public policy and private sector investments must be aligned in ways that meet the short-term recovery challenges with a longer-term vision of opportunity.

A year ago in London, G-20 leaders articulated a vision of an “inclusive, sustainable and green recovery.” By acting in concert and working cooperatively, the G20 can play a central role in making the transition to a low carbon economy.

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