Abstract
Although an increasing number of studies project large economic costs of climate inaction, G20 nations still account for 78% of global greenhouse gas (GHG) emissions and remain collectively not on track to meet their Paris Agreement commitments. Studies also show that effective implementation of climate policies can unlock potential economic, social, and environmental benefits. However, serious climate action is still viewed as a costly option and awaits adequate integration into economic planning and development strategies. The current COVID-19 pandemic adds economic and social challenges, while paradoxically offering an opportunity to align recovery plans with long-term climate objectives. G20 nations, as the world’s leading group, are expected by the rest of the international community not only to pioneer ambitious climate action but also to support less developed countries through finance, technology transfer, and capacity building. In this policy brief, we consider key policy options that support sustainable, climate-resilient economic growth and recovery in G20 countries, while considering the heterogeneity of climate impacts and opportunities across G20 members.
