INTERNATIONAL co-operation remains fundamental to managing climate risks, according to a study report launched in Germany yesterday.
The report titled Investing in Climate, Investing in Growth by the Organisation for Economic Co-operation and Development (OECD) was launched at the Petersberg Climate Dialogue in Berlin.
“Countries current contributions to emissions reduction beyond 2020 are not consistent with the Paris temperature goal, and need to be scaled up rapidly,” an executive summary of the report says.
“Support for action in developing countries will be important, not just for mitigation but also to improve the resilience and adaptive capacity of countries facing the greatest climate challenges.
“Climate impacts will grow even if we achieve the Paris temperature goal.
“We need flexible and forward-looking decision-making to increase resilience in the face of these risks.
“Managing the interdependences between climate, food security and biodiversity goals will be critical to achieving the sustainable development goals and long-term robust growth.”
The report says getting the fundamental climate policies right is essential to aligning incentives.
“There is a need to accelerate the reform of inefficient fossil fuel subsidies and broaden the carbon pricing base, focusing on tracking the impact and sharing policy experiences.
“Making greater use of public procurement to invest in low emission infrastructure can trigger industrial and business model innovation through the creation of lead markets.”
