The Global Commission on the Economy and Climate is calling on governments and finance institutions to scale up investment for sustainable infrastructure to spur growth.
Investments totaling about $90 trillion will be needed in infrastructure over the next 15 years and it does not need to cost much more to ensure that it delivers a low-carbon economy, the initiative said in a new report.
Fuel and other operational savings can fully offset any additional up-front investments, it said.
The Global Commission was established by seven countries including the UK to examine how countries can achieve economic growth while dealing with the risks posed by climate change.
The ‘Sustainable Infrastructure Imperative’ report identified four action areas to finance sustainable infrastructure at the scale required.
These include tackling fundamental price distortions through fossil fuel subsidy reform and carbon pricing, strengthening policy frameworks and institutional capacities, transforming the financial system through new tools like green bonds and green investment banking as well as ramping up investments in innovation and deployment of clean technologies.
“Investing in sustainable infrastructure is essential to solve all the world’s most pressing problems,” Global Commission chair and former Mexico president Felipe Calderon said.
“It’s key to reigniting global growth. It’s key to reducing poverty. And it’s key to meeting the Paris Agreement.”
Image: reNEWS
Low carbon sector ‘needs trillions’
Global group GCEC calls for massive increase in sustainable investment
By EBS