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New global alliance seeks to propel clean energy in emerging economies

 960 640 Stuart O'Brien
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The World Economic Forum has launched of a new alliance to provide a platform for developing economies to raise awareness about their clean energy needs, share best practices and sustainably accelerate their energy transitions.

The Network to Mobilize Clean Energy Investment for the Global South is made up of 20+ CEOs and government ministers, including from across Colombia, Egypt, India, Japan, Malaysia, Morocco, Namibia, Nigeria, Norway, Kenya and South Africa. The network will provide a collaborative space for its members to accelerate clean energy capital solutions in emerging market contexts – through innovative policies, new business models, de-risking tools and finance mechanisms – and exchange best practices for attracting sustainable flows of clean energy capital.

“Accelerating the clean energy transition is imperative to address the climate emergency, but current investment levels remain far below the scale and pace of change needed,” said Roberto Bocca, Head of the World Economic Forum’s Centre for Energy and Materials. “Unlocking this financing today is not only a key first step towards a secure and equitable energy system tomorrow, but represents a clear opportunity for businesses, as emerging economies account for the lion’s share of the global population.”

The Forum also released a new Forum report today, Building Trust through an Equitable and Inclusive Energy Transition, that outlines a framework to guide policy-makers and business leaders from the energy sector towards a just, equitable and inclusive energy transition, particularly in developing economies, which account for less than one-fifth of global clean energy investments. Its findings make clear that neglecting equity, justice and inclusivity could severely delay the transition, making it crucial to address these aspects holistically at all levels – local, national and global.

The overall annual investment in clean energy in the Global South needs to triple from $770 billion currently to $2.2-2.8 trillion by the early 2030s. While recent spending has increased, the report finds that it remains concentrated in a few countries and sectors, with over 90% of investment growth having occurred in advanced economies and China since 2021.

The network will be chaired by two global leaders, working closely with the World Economic Forum to shape its activities: Rania A. Al-Mashat, Minister of International Cooperation of Egypt, and Samaila Zubairu, President and Chief Executive Officer of the Africa Finance Corporation.

“The network will play a crucial role in bringing together public and private players to pinpoint investment needs, breaking down barriers, and unlocking practical solutions for a just, equitable and sustainable energy transition in the Global South,” said Al-Mashat. “This will be a new space for emerging economies to exchange best practices and lessons learned, and foster collaboration around value chain strategies, regulatory policies, and investment mechanisms. These issues and more are addressed elaborately in the “Sharm El-Sheikh Guidebook for Just financing”, launched during COP27 by the Egyptian Ministry of International Cooperation, with 100+ partners, which also introduces for the first time a definition for just financing.”

As well as galvanizing efforts around the energy transition, the new network highlights the growing importance and untapped potential of emerging nations to the global economy. Seizing these opportunities presents a dual opportunity, as it could help mitigate risks in emerging markets while also ensuring sustainable growth and positive societal impacts.

“The perception of high risk has deterred investments in emerging markets, particularly in Africa, over the years; yet, from where I sit, there is no shortage of de-risking instruments and bankable projects that not only deliver profitable returns but also accelerate development impact,” said Zubairu. “Mobilizing investment for the energy transition is now more urgent. It is time for us to shift the narrative surrounding the financing of clean energy in the Global South from an aid case to a viable investment opportunity, without which we will not reach global net zero.”

The network will also be critical in enabling clean energy finance and investment at the local level. In this context, a Colombia-focused workstream was announced today. The initiative will convene a multistakeholder working group focused on increasing capital for Colombia’s energy transition.

Photo by Andreas Gücklhorn on Unsplash

World Economic Forum urges businesses to help ‘close the climate action gap’

 960 640 Stuart O'Brien
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The Alliance for CEO Climate Leaders, a CEO-led community facilitated by the World Economic Forum, has released a new report calling on businesses and governments to shift from incremental to systemic actions to meet climate goals.

The report, Bold Measures to Close the Climate Action Gap: A Call for Systemic Change by Governments and Corporations, was published in partnership with the Boston Consulting Group (BCG) and complements the State of Climate Action report launched prior to the COP28 climate change conference.

According to the analysis, while individual climate action has increased, collectively the sum is not sufficient to reach the level of systemic change needed. There is a 600-plus gigaton gap in national emissions reduction ambition and policy that needs to be closed to limit global warming to 1.5°C. As such, stronger government action is needed.

Meanwhile, looking at CDP data for the 1,000 largest companies globally, likely well over 10% of global emissions are in the supply chains of those companies– showing the dramatic systems impact that the world’s largest companies could have.

“The first UN global stocktake and the first part of this report have highlighted a large climate action gap that we are not on track to close,” said Pim Valdre, Head of Climate Ambition Initiatives at the World Economic Forum. “We need to urgently shift into delivery mode, focusing on immediate actions with outsized impacts. Enabling these actions calls for public-private action to drive the right policies, technologies and financial solutions needed to achieve a system-wide transformation.”

While COP28 showed new impactful steps, such as the global agreements to triple renewable energy and double energy efficiency by 2030, more is needed to deliver on commitments, the report concludes.

The Alliance of CEO Climate Leaders, which consists of more than 120 top companies from diverse industry sectors and regions, representing more than $4 trillion in total revenues and 12 million employees, called for decision-makers at the international climate change conference to shift from incremental actions to those that can transform systems and reach exponential impact.

“While COP28 resulted in very good progress and many companies have already started climate initiatives, the sum of the parts is still insufficient. Companies remain constrained by obstacles such as high costs and interest rates, low customer willingness to pay, or a lack supporting permitting and regulations,” said Rich Lesser, Global Chair of Boston Consulting Group and Chief Advisor to the World Economic Forum’s Alliance of CEO Climate Leaders. “This report brings answers to these obstacles, with examples of practical actions that can transform systems from the inside. If all government and corporate leaders start acting on them now and together, we will go a long way towards the scale of impact that we need.”

Private-sector action

The reports asserts that companies can and should drive systemic impact beyond their internal initiatives, highlighting five actions with the potential for dramatic impact:

Government action

Governments have a large responsibility to deploy mitigation solutions in a just and socially acceptable way. The report highlights five priorities to help close the 600-plus gigaton emissions gap:

  • Move up net-zero targets to 2050 or earlier, increase near-term targets, and raise financial and technical support from higher-income to lower-income nations.
  • Recognize and put a material price on carbon.
  • Double financing and incentives and make public procurement green.
  • Remove obstacles such as permitting lead times, supply chain bottlenecks, skill gaps and social distrust.
  • If progress remains too slow, consider more drastic measures, such as hard technology bans, or massive adaptation and removal investments.

How to deliver these and other critical actions for the net-zero transition will be discussed by business leaders at a meeting of the Alliance of CEO Climate Leaders during the World Economic Forum Annual Meeting 2024.

Climate finance ‘critical to economic recovery’ say WTO, China and others

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Green energy, innovative technologies and broad inclusivity could help secure an economic rebound in the face of inflation, geopolitical tensions, barriers to trade and talk of ‘decoupling’ that are creating headwinds for the global economy.

That’s according to speakers at speakers in the Braving the Headwinds: Rewiring Growth Amid Fragility session at the World Economic Forum’s Meeting of New Champions event, which asserted that better cooperation is needed to drive growth and address shared challenges.

. Fresh from the New Global Financing Pact in Paris, Barbados Prime Minister Mia Mottley said financing remains the biggest obstacle to getting climate projects off the ground. “What is required is urgent action, but we can’t take action if we don’t have oxygen. The oxygen is in fact the capital, the finance that’s needed in order to be able to fuel the activities of both the public sector and the private sector,” she said. “The problem is that there is a serious disparity in the pricing of capital between the global north and the global south. Some of it relates to foreign exchange risk, some of it relates to lack of information and data, some of it relates to lack of confidence with respect to systems and rule of law, some of it is unconscious bias. We have to start where we can make meaningful progress, and that is in the area of finance.”

She was joined by Chris Hipkins, Prime Minister of New Zealand, whose priority is putting climate at the heart of the country’s economy. “We have to ensure what we produce is clean, green and sustainable.” He added that economic growth depends on “an international rules-based system for trade,” and pointed to the success of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) as an example of multilateral cooperation.

That multilateralism is under threat, according to Zhang Yuzhou, Chairman, State-owned Assets Supervision and Administration Commission (SASAC). “We often hear talks of decoupling and related practices which certainly impede international cooperation and trade,” he said. With restrictions on technologies like chips, Zhang said, “We still see major barriers in terms of the free flow of technology.”

Viet Nam and China, both engines of the economy in Asia, present possible solutions. Growing consumption and investment are expected to drive a 6% uptick in Viet Nam’s GDP this year. “We need to expand our market for export, remove tariffs and barriers and remove trade protection measures,” said Pham Minh Chinh, Prime Minister of Viet Nam, adding, “No one country can solve the issues alone.” China expects GDP growth of 5% this year, driven by strong growth in wind power, renewable energyvehicles and other promising green technologies. Zhang said China would still like to see better policy coordination among major economies. “We need to enhance mutual trust so we can grow global economic growth,” he said.

Spreading that growth will help more countries get a piece of the growing economic pie, according to Ngozi Okonjo-Iweala, Director-General, World Trade Organization. She would like to see supply chains expand beyond the usual markets to places like Morocco, Senegal, Nigeria and Bangladesh. “Let us look at those areas that are friendly to invest in and see if we can centralize and diversify supply chains and bring these areas into the world trade. Integrate them better,” she said. “I’d like the business world to look at this potential.” She also mentioned green trade and digital services as two growth areas that could help more people share in economic prosperity.

Image by Kanenori from Pixabay

Leading CEOs pledge 50% cut in real estate emissions by 2030

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A group of global firms have committed to reduce their real estate emissions by 50% by 2030 and reach net-zero carbon no later than 2050, as part of a World Economic Forum initiative.

With buildings contributing 38% of all energy-related greenhouse gas emissions, leaders across all industries have a critical role to play in lowering their global real estate emissions.

“While real estate represents nearly 40% of all energy-related GHG emissions, the sector is frequently an afterthought when it comes to an organization’s decarbonization and sustainability strategies,” said Matthew Blake, Head of Financial and Monetary Systems, World Economic Forum. “Leaders across all industries have a responsibility to take action on their real estate GHG emissions to ensure progress in the fight against climate change.”

The following companies have pledged to halve their buildings-related emissions by 2030 and reach net-zero building emissions by 2050:

  • Avison Young
  • Edge
  • GPFI Group
  • Ivanhoé Cambridge
  • JLL
  • Majid Al Futtaim Properties
  • Schneider Electric
  • Signify

These firms will meet these targets by implementing the Forum’s Green Buildings Principles. Released last year, the Green Building Principles: The Action Plan for Net-Zero Carbon Buildings provides a clear sequence of steps to deliver net-zero carbon real estate portfolios:

1. Calculate a robust carbon footprint of your portfolio in the most recent representative year to inform targets

2. Set a target year for achieving net-zero carbon, by 2050 at the latest, and an interim target for reducing at least 50% of these emissions by 2030

3. Measure and record embodied carbon of new developments and major refurbishments

4. Maximize emissions reductions for all new developments and major refurbishments in the pipeline to ensure delivery of net-zero carbon (operational and embodied) by selected final target year

5. Drive energy optimization across both existing assets and new developments

6. Maximize supply of on-site renewable energy

7. Ensure 100% off-site energy is procured from renewable-backed sources, where available

8. Engage with stakeholders with whom you have influence in your value chain to reduce scope 3 emissions

9. Compensate for any residual emissions by purchasing high-quality carbon offsets

10. Engage with stakeholders to identify joint endeavours and equitably share costs and benefits of interventions

Developed in collaboration with JLL, the World Green Building Council and the Forum’s Real Estate community, the Green Building Principles can be formally adopted by firms and include an Action Plan detailing implementation.

The Action Plan provides globally applicable guidance on best practices to implement the principles for every stakeholder, from owners to occupiers to investors. Signatories will report progress annually as part of their public sustainability reporting and participate in a Practitioners Group to identify solutions around implementation.

Signatories share why they have pledged the Principles:

“More sustainable real estate is essential,” said Coen van Oostrom, Founder and Chief Executive Officer, Edge. “The Principles offer a clear roadmap to help all building stakeholders tackle their emissions and deliver better buildings. The world deserves better buildings and it is entirely possible to significantly reduce the impact of both existing and new buildings.”

“It’s imperative that we address real estate related emissions,” said Christian Ulbrich, Global Chief Executive Officer and President, JLL. “Getting started is often the hardest part and the Principles offer a simple set of steps to do so. We believe it is easier to get to net zero in the built environment than for many companies to get to net zero in their core businesses and the business case is there to support action.”

“The emphasis on bringing together the world’s leading businesses and public figures to collectively address issues like climate change and driving social change is fundamental to what Avison Young stands for. ESG considerations across the board must be addressed by the real estate sector — buildings have a huge impact on our everyday lives and the planet,” said Mark E. Rose, Chairman and CEO, Avison Young. “We are thrilled to adopt the Green Building Principles and demonstrate to our peers that reaching net zero is not only possible but essential for a better built environment and more resilient and successful cities.”

“By nature, real estate requires long-term thinking and so we have a duty to invest with conviction and build a legacy for future generations,” said Nathalie Palladitcheff, President and CEO, Ivanhoé Cambridge. “We have a collective opportunity and responsibility to decarbonize the built environment and this ambitious commitment will require a transformation of practices across the whole real estate value chain.”

“The industry has traditionally looked at investments in sustainability as a trade-off with other aspects like customer experience, but it’s very clear that we need to shift our mindset,” said Ahmed Galal Ismail, CEO, Majid Al Futtaim Properties. “Sustainability is actually a trade-on and sustainable assets are more valuable. We are committed to transitioning our portfolio and proving what is possible in alignment with the Principles.”

“We have the innovation to both transform the current building stock through electrification and digitalization and develop smart, green buildings of the future,” said Philippe Delorme, Executive Vice President, European Operations, Schneider Electric. “Schneider Electric is proud to adopt the Principles and demonstrate how we can transition buildings to be healthier, more efficient and ultimately net-zero carbon.”

“We continue to be committed to the planet and addressing our real estate footprint” said Harsh Chitale, CEO, Digital Solutions Division, Signify. “The Principles are an ideal way to help every type of company address emissions from the buildings they own and/or occupy.”

“As a facility management company, we play a major role in the drive for adoption and implementation of emission reduction programs,” said Dr. MKO Balogun, Group CEO, GPFI Group. “Our role working with occupiers, owners, and developers of real estate gives us the leverage to drive that commitment, and we are glad to be joining other global leaders on this journey.”

Crypto sustainability coalition investigates potential of Web3 against climate change

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The World Economic Forum has launched the Crypto Sustainability Coalition, which will investigate how web3 and blockchain tools can be leveraged to achieve positive climate action.

Web3, which includes technologies like blockchains, cryptocurrencies, and NFTs, has become a catch-all term for the vision of a new, better internet. Members of the coalition will explore the potential positive impacts these technologies can bring to environmental and social agendas.

The coalition launch is timely as there is an urgent need to support the decarbonization of cryptocurrency and ensuring the industry is part of the climate solution. Furthermore, there needs to be regulatory clarity that promotes web3 innovation, protects consumers, and improves financial inclusion.

“I am excited about the work we are expecting from the Crypto Sustainability Coalition. An important and unique aspect of web3 is that it uses technology to support and reward direct community engagement and action. This means we can coordinate the work of many individuals directly with one another, enabling collective action without centralized control – a powerful accelerator for grass roots action,” said Brynly Llyr, Head of Blockchain and Digital Assets, World Economic Forum.

The Crypto Sustainability Coalition is a public-private initiative hosted by the World Economic Forum and comprises 30 partners. It is convening working groups to tackle three specific issues:

  1. Energy usage – this working group will analyse the crypto industry’s consumption of energy and materials to build a clearer picture of its impacts on climate and nature.
  2. Web3’s potential for climate action – this working group will investigate ways in which web3 innovations could tackle challenges facing the low-carbon transition at the pace required to hit the Paris Agreement’s targets. For example, the decentralized nature of crypto-mining and its ability to operate at off-peak times may provide a new business model for utilities and investors looking to develop renewable energy microgrids.
  3. “On-chain” carbon credits – members of the coalition believe blockchain-based carbon credits could address current flaws in global carbon markets, including: the lack of transparency around carbon offsets for either providers or buyers; the failure of markets to remove carbon emissions at the scale and pace required; and the inability of millions of the world’s smallholder farmers, forest stewards and Indigenous communities to participate in or benefit from carbon credit markets.

The Crypto Sustainability Coalition will investigate, collate and highlight industry standards, best practices and examples of tangible action that attest to how web3 technologies can support communities most vulnerable to the impacts of climate change. The coalition’s wider aim is to foster a broad education campaign on what web3’s potential and capacity look like, to better inform governments on how they regulate these technologies and incentivize investment and research into their development.

The coalition’s partners include: Accenture, Avalanche, Avatree, CC Token, Circle, Climate Collective, Crypto Council for Innovation, Emerge, Energy Web Foundation, eToro, EY, Flowcarbon, Heifer International, KlimaDAO, Lukka, NEAR Foundation, PlanetWatch, Plastiks, Rainforest Partnership, Recykal, ReSeed, Ripple, Solana, Stellar Development Foundation, STEWARD, Sustainable Bitcoin Standard, The Global Brain, Toucan Protocol and University of Lisbon.

The new coalition is part of the Crypto Impact and Sustainability Accelerator (CISA), a grant-funded initiative launched by the Forum in January 2022 with a mission to encourage a greater understanding of the environmental, social and governance (ESG) impacts of crypto technologies.

World Economic Forum provides ‘comprehensive’ blueprint for future-ready cities

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The World Economic Forum has released a series of four reports on how cities can take a systems approach to finance and deliver urban transformation projects in the wake of COVID, widening inequality and global conflicts.

Each report – urban inclusion, city financing models, climate preparedness, and technology adoption – guides city leaders with case studies and toolkits to successfully manage digital projects and new financing models to achieve more climate-ready and equitable cities.

The Global Future Council on Cities of Tomorrow (GFC) – comprised of forty-five sector experts from around the world collaborated throughout the pandemic to help struggling cities to build more future-ready communities for all citizens.

“Cities are on the frontlines of climate mitigation and adaptation. They are also under pressure to improve residents’ standard of living and increase community cohesion while progressing towards sustainable development,” said Alice Charles, Lead, Urban Transformation, World Economic Forum. “To meet these high expectations, cities need to develop strategies using a systems perspective to deliver net-zero carbon and climate-resilient urban infrastructure. The Global Future Council on Cities has done an extraordinary job with these reports to provide cities with the tools they need right now.”

Implementing a systems approach across urban sectors: 

  • Rethinking City Revenue and Finance: A systems-approach to financing urban transformation depends on access to a diverse range of revenue sources to advance both traditional and green infrastructure, which also must include investment in operations and maintenance. The report is informed by a survey of 10 city administrations on potential revenue streams, planned initiatives and the policy interventions required to ensure that projects are financially viable.
    • For example, with support from UNHabitat and UNDP, Somaliland implemented a robust property tax and collection system to pay for infrastructure improvements, which increased the capital city’s property tax revenue from $384,115 in 2008 to close to $1.5 million in 2018. This represents up to one third of the city’s total revenue.
  • Using Digital Technology for a Green and Just Recovery in Cities: To move towards a systems approach, this report recommends that city leaders should start by asking, “What are the most pressing unmet needs and challenges in cities” that technology can improve, rather than, “What can we do with digital technologies?”. A 10-step action plan and 31 case studies showcase best practices and innovative digital solutions that have already been applied in 28 cities worldwide.
    • For example, ModeliScale is an energy network digital twin that allows simulation of the future energy grid. The model covers multiple inputs and outputs, including buildings, solar panels, electric vehicles and storage. This realistic view of a city’s energy needs enables better planning for investment, operations and maintenance.
  • Accelerating Urban Inclusion for a Just Recovery: Equity and inclusion are at the heart of a systems approach to every aspect of recovery and transformation. The report provides a 10-step action plan for urban inclusion to enable city leaders to create more inclusive spatial, digital, social/institutional and economic realms.
    • For example, São Paulo, Brazil, has successfully introduced an instrument called “Outorga Onerosa”, which offers property owners a density bonus to increase the maximum allowable development on a site in exchange for either direct funds or in-kind support for specified public policy goals.
  • Delivering Climate-Resilient Cities Using a Systems Approach: This report finds that cities need to engage with relevant stakeholders from government, business, academia and civil society that interact with the urban value chain. The report provides a five-step action plan to guide cities in adopting a systems approach to climate-resilient urban infrastructure delivery.
    • For example, Mexico City is leading the way in Latin America by financing green infrastructure with social impact bonds. The success of these bonds is based in part on certification by internationally independent experts who also periodically collect and publish data on performance indicators.

Together the four reports provide a roadmap for cities to become more equitable and resilient to the shocks and stressed caused by global conflict, climate change, and rapidly changing technologies.

As the GFC co-chairs Carlo Ratti and Maimunah Mohd Sharif point out, preparedness on one front often has unexpected benefits elsewhere. In the Forward to the climate preparedness report, the co-chairs write, “Systems approaches are complex – more connections lead to more complications – yet the successes of cities such as Melbourne, Fukuoka and Helsinki demonstrate that extraordinary rewards can be attained, especially if siloed thinking is dismantled. The solution to a transport query might lie in housing; the unanticipated positive impact of a new park might be felt in a nearby water treatment plant. By pursuing a systems approach, we can bring fresh ideas to fields as diverse as housing, energy, mobility, public and green spaces, water treatment, stormwater management, waste management and many others.”

The Global Future Councils serve as a brain trust for leaders from government, business, and civil society, and support the Forum’s mission by bringing together experts bound by a shared mission to discuss the most critical issues, generate insights and analysis, and collaborate in shaping agendas.

UN urges G20 countries to invest in nature-based climate change solutions

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A new report, titled The State of Finance for Nature in the G20, stresses the urgency of increasing net-zero and nature-positive investments if the world is to adequately close the climate finance gap.

The report is led by the UN Environment Programme (UNEP), the World Economic Forum, the Economics of Land Degradation, hosted by the Deutsche Gesellschaft für Internationale Zusammenarbeit in collaboration with Vivid Economics.

It further amplifies the findings from the global report State of Finance for Nature – Tripling Investments in Nature-based Solutions by 2030, released last year, which calls for closing a $4.1 trillion financing gap in nature-based solutions.

The new report reveals that the spending gap in non-G20 countries is larger and more difficult to bridge than in G20 countries, but only 2% of the G20’s $120 billion investment has been directed towards official development assistance (ODA). Similarly, private sector investments remain small, at 11% or $14 billion a year, even though the private sector contributes 60% of the total national GDP in most G20 countries. Thus, the business and investment case for nature needs to be stronger.

The report also discloses that G20 investments represent 92% of all global investments in nature-based solutions in 2020. Furthermore, the vast majority of these G20 investments, 87% or $105 billion, were distributed to domestic government programmes.

Annual G20 investments in nature-based solutions need to increase by at least 140% to meet all agreed biodiversity, land restoration and climate targets by 2050, which means an additional $165 billion a year, especially in ODA and private sector spending. To put this into perspective, more than $14.6 trillion was spent by 50 leading economies in 2020 in the wake of the COVID-19 crisis, of which only $368 billion, or 2%, was considered “green” by a 2021 UNEP report.

Globally, future investment in nature-based solutions needs to increase fourfold by 2050, equating to an annual investment of over $536 billion a year. The future investment needs for G20 countries account for approximately 40% of this total global investment in 2050. G20 countries have the capacity to meet this investment need as they carry out most of the global economic and financial activity with fiscal leeway.

Justin Adams, Director for Nature-Based Solutions, World Economic Forum, said: “The climate and nature crisis are two sides of the same coin, and we can’t turn things around unless we transform our economic models and market systems to take nature’s full value into account.”

The new report also calls for G20 member states to seize opportunities to increase investment in non-G20 countries, which can often be more cost-effective and efficient than investing in similar nature-based solutions internally.

Nina Bisom, Coordinator of Economics for the Land Degradation Initiative, said: “In many instances, G20 countries can improve economic efficiency in nature-based solutions spending by targeting investments in non-G20 countries. For example, the average cost of converting land from other uses to nature-based solutions in G20 countries is $2,600 per hectare, while the same costs are only $2,100 per hectare for non-G20 regions.”

Ivo Mulder, Head of UNEP’s Climate Finance Unit, said: “To scale up private finance, governments can boost the investment case for nature, for instance, by creating stable and predictable markets for ecosystem services like agriculture, forestry or by employing concessional financing.”

He added: “Systemic changes are needed at all levels, including consumers paying the true price of food, taking into account its environmental footprint. Companies and financial institutions should fully disclose climate- and nature-related financial risks, and governments need to repurpose agricultural fiscal policies and trade-related tariffs.”

The report concludes that governments need to truly “build back better” following the pandemic. Many developed countries can borrow cheaply in international capital markets. Thus, they need to tie in “nature and climate conditions” when providing fiscal stimulus to sectors across their economies, as well as creating more favourable regulatory, fiscal and trade policies to transition economies so that international biodiversity, climate and land degradation targets are met. G20 nations have the ability and means to lead by example.