Green Coalition of the Willing

Context: Focus on post-pandemic recovery, and ‘net zero’ targets (set out by 2015 Paris Agreement) on climate change are not mutually exclusive.

Relationship between Post-Pandemic Recovery and ‘Net zero’ Targets:

• Economic damages associated with 2° C warming: could reach $69 trillion.
• Global recognition: Around 110 countries with more than 70% of global output and 65% of emission are targeting net zero-emission. European Union will spend more than $640 billion on green projects.
• Creation of jobs: around 18 million by 2030, as estimated by the International Labour Organisation (ILO).
  • For E.g. Debt-financed green investment plan, combined with carbon pricing, could create 12 million new jobs through 2027.

Way Forward

• Bridging the gap in conservation funding:
  • Spending on conservation from government and non-government sources must be doubled, and touch $100 billion a year.
  • Asset-owners can decarbonize their portfolios by joining initiatives, such as Global Investors for Sustainable Development Alliance and Net-Zero Asset Owner Alliance.
• Develop a coalition of credible partnerships: between governments, the private sector and civil society in reframing economic policies and practices around sustainability to foster economic growth.
• Eco-sensitive post-pandemic recovery:
  • Build climate-resilient infrastructure and expand green public transportation, renewable energy and smart electricity grids.
  • Innovation, diffusion and deployment of green technology: remain quintessential to post-pandemic economic recovery.
• Employ Nature-Based Solutions (NBS): to protect most vulnerable people and regions, from climate, pollution and decline of biodiversity impacts.