New Climate Economy October Update

NCE Update: October 2018 View this email in your browser *Table of Contents*
– New Climate Economy 2018 Report <#m_8992398860896861186_mctoc1> – Global Commission Engagements <#m_8992398860896861186_mctoc2> – The Global Commission in the Media <#m_8992398860896861186_mctoc3>
*New Climate Economy 2018 Report * The Global Commission on the Economy and Climate launched its 2018 flagship Report, *Unlocking the Inclusive Growth Story of the 21st Century: Accelerating Climate Action in Urgent Times* in early September. The Global Commission’s 2018 Report finds that bold action on climate could deliver at least *US$26 trillion in economic benefits between now and 2030 *compared with business-as-usual. And we know this is a conservative estimate.
*Unlocking Growth *also finds that ambitious action across the key economic systems — energy, cities, food and land use, water, and industry — could generate over *65 million new low-carbon jobs* in 2030, equivalent to the entire workforces of the UK and Egypt today combined. It could also *avoid over 700,000 premature deaths* from air pollution compared with business-as-usual in 2030. Furthermore, subsidy reform and carbon pricing alone could generate an estimated *US$2.8 trillion in government revenues *per year in 2030 – equivalent to the total GDP of India today – funds that can be used to invest in urgent public priorities.
*This is the growth story of the 21st century. The challenge now is to accelerate the transition to a better, more inclusive, new climate economy. *
In *Unlocking Growth*, the Global Commission calls on governments, business and finance leaders to *act boldly and urgently prioritise actions on four fronts* *over the next 2-3 years*:
1. Ramp up efforts on carbon pricing and move to mandatory disclosure of climate-related financial risks. 2. Accelerate investment in sustainable infrastructure. 3. Harness the power of the private sector and unleash innovation. 4. Build a people-centred approach that shares gains equitably and ensures that the transition is just.
*Global Commission Engagements* *2018 Report Launch at the United Nations*
The 2018 Report was launched at the United Nations Headquarters in New York City on 5 September, with a formal handover to the UN Secretary-General António Guterres, who delivered a speech highlighting the urgency of and opportunities within accelerating climate action. WRI President and CEO Andrew Steer moderated a panel on the key findings of the Report, featuring Global Commissioners President Felipe Calderón, Ngozi Okonjo-Iweala and Lord Nicholas Stern, as well as Rachel Kyte (CEO of SEforAll), Lise Kingo (Executive Director of the UN Global Compact) and Helen Mountford (NCE). The UN Secretary-General later delivered a speech on 10 September outlining his vision of his 2019 climate summit in which he cited the NCE report.
*Global Climate Action Summit*
The Global Climate Action Summit (GCAS) took place in San Francisco, California on 12-14 September, bringing together states, cities, businesses, investors and civil society to help advance action by a range of actors and to spur greater ambition by governments. Global Commission Co-Chair Nicholas Stern highlighted the key messages from the NCE 2018 Report during the opening plenary of the Summit, Paul Polman delivered the Report’s messages as part of a keynote to a panel of environment ministers, and various NCE Global Commissioners and champions highlighted the messages at related events.
The Summit featured exciting announcements on new commitments by a wide range of actors on climate action, including:
– Almost 400 global companies now have 100% renewable energy targets through RE100 , including nearly 150 major global companies. Their collective annual revenues total well over US$2.75 trillion and their annual electricity demand is higher than that of Poland. – 488 companies from 38 countries have committed to adopting science-based targets (SBTs) for emission reductions in line with the science of the Paris Agreement — up nearly 40% from last year. – 23 multinational companies have committed to 100% zero emission fleets through EV100 , with revenue of over US$470 billion. – As of September, 513 organisations have expressed their support for the Taskforce on Climate-Related Financial Disclosures , including 287 financial and 170 non-financial companies, with a combined market capitalisation of US$7.9 trillion. The supporting financial firms are responsible for assets of nearly US$100 trillion. – A new report from America’s Pledge shows that policies already adopted by states, cities and businesses will reduce U.S. emissions 17 percent below 2005 levels by 2025, approximately two-thirds of the way to the country’s pledge of cutting emissions 26-28 percent by 2025. They could go even further by scaling up existing technology and policies, which could lead to emissions reductions of more than 24 percent from 2005 by 2025.
*G7 Environment Ministers Meeting*
Ahead of the G7 Environment Ministers Ministerial in Halifax, Canada, NCE co-hosted a Sustainable Finance Roundtable with Environment Climate Change Canada on 18 September. This brought together about 10 Environment Ministers and representatives from G7 and developing countries, finance sector leaders and experts, including the participation of Nicholas Stern, Andrew Steer, Laurence Tubiana (ECF), Valerie Chort (RBC), and Michael Sabia (CEO, CDPQ). Nicholas Stern summarized the outcomes of the Roundtable to the G7 Environment Ministers Meeting the following day noting that the G7 can play an important role in: creating a shared understanding of the new growth opportunity; supporting climate adaptation and resilience; fostering discussion on effective climate and finance policy; building capacity in emerging markets; and delivering investments on the necessary scale and quality.
*UN General Assembly and Climate Week*
Climate Week 2018 took place on the sidelines of the UN General Assembly in New York. In his opening speech at the UN General Debate , Secretary-General António Guterres emphasised climate change as an urgent global concern and cited the US$26 trillion opportunity that lies in bold climate action.
The One Planet Summit brought together Heads of State, business leaders, and other non-state actors to show how high-level institutional decision-makers can work together to deliver solutions to mitigate the effects of climate change and invent our collective future. Global Commissioner Paul Polman spoke on solutions to deliver local, national and global climate action, drawing on the NCE Report.
Global Commissioner Angel Gurría of the OECD launched a summary report on “Financing Climate Futures”, highlighting that scaling-up and shifting financial flows to low-emission and resilient infrastructure investments is critical to delivering on the objectives of the Paris Agreement and the 2030 Agenda for Sustainable Development.
*China Launch *

The message of the economic benefits of climate action were delivered in China through the launch of the 2018 Report and the new Coalition for Urban Transitions China programme. The event, in partnership with Tsinghua University, showcased ways in which China and other countries are implementing strategies for green growth. Global Commission Co-Chairs Nicholas Stern and Ngozi Okonjo-Iweala spoke at the event, which was streamed to over 100,000 viewers. *The Global Commission in the Media* In just over one month since the launch of *Unlocking Growth*, the Report has received *over 1,150 media hits in over 70 countries.* This includes coverage in the Financial Times , Reuters , CNN Money , Business Insider , Vox , the Hindustan Times (India), Kompas (Indonesia), Die Welt (Germany), Latest Nigerian News , NRK (Norway), and Hurriyet (Turkey).
NCE Commissioners and partners have highlighted the findings of the Report in various Op-Eds and blogs, including:
“Ngozi Okonjo-Iweala on why climate leadership is a new growth opportunity for the world *”*, by Ngozi Okonjo-Iweala (CNBC Africa)
“Africa needs China’s help to embrace a low-carbon future *”* by Ngozi Okonjo-Iweala (Financial Times)
“Indonesia is showing the way on sustainable growth” , by Nicholas Stern (Financial Times)
“Development finance institutions are catalysts for a better world” , by Ngozi Okonjo-Iweala (Global Markets)
“Climate change: Indonesia’s leadership is critical” , by Sunny Verghese (Jakarta Post)
“Low-Carbon Growth is a $26 Trillion Opportunity. Here Are 4 Ways to Seize It” , by WRI President and CEO Andrew Steer, NCE Programme Director Helen Mountford, and NCE Research Manager Molly McGregor (WRI Insights)
“Making Food Production and Land Use More Sustainable Could Yield $2.3 Trillion in Economic Benefits *”* by Director of Geographic Deep Dives for the Food and Land Use Coalition, Edward Davey (WRI Insights)

Facebook Twitter Google Plus LinkedIn
unsubscribe from this list
update subscription preferences
*Copyright © 2018 New Climate Economy, All rights reserved.* You are receiving this email because you subscribed to our newsletter.
*Our mailing address is:* New Climate Economy 10 G St NE Ste 800 C/O World Resources Institute Washington, DC 20002-4252
Add us to your address book

More news