The theme of the Ministerial Consultations for the 24th session of the GC/GMEF was “Globalization and Environment”. The President’s Summary noted under the “Way Forward” that “a number of countries suggested that the Executive Director develop a range of clear and specific policy options” – based upon the various activities outlined in the Summary, such as trade and environment and economic instruments – “in close collaboration with trade and environment ministers, and with relevant international agencies and stakeholders, and prepare options on this matter and present these to the special session of the GC/GMEF in 2008 for the consideration of Ministers”.
Over the past 12 months we have witnessed major changes in the climate change debate with the release of three new reports of the International Panel on Climate Change , which show that human induced climate change is a reality, and through the release of credible economic assessments showing that the economic costs of inaction will far outweigh the costs of action.
In order to effectively tackle climate change, the world now faces the challenge of making the transition to a low carbon economy and successfully adapting to the changes that are inevitable. This will require the mobilization of public and private sector finance and significant levels of international and domestic investment. But the challenge also presents an opportunity to:
facilitate new investment flows and markets for climate friendly technologies;
achieve multiple environmental benefits, such as improved air quality, conserving biodiversity and public health benefits;
achieve multiple development benefits, in a just and equitable manner, such as better energy security, geographically disbursed employment generation, provision of new sources of income for rural economies; and to help eradicate poverty.
The climate change challenge, by its very nature, inextricably links environment and economy.
How can we make the transition to a low carbon economy in a timely and efficient manner that is also equitable and sustainable, including through decent employment generation?
How will we finance the transition, and how will the public and private sectors respond to this opportunity?
How do we address the transitional challenge for developing economies?
How will we ensure the right policy and regulatory frameworks are in place to create conditions that are conducive to attracting the required levels of investment for the transition and to adapt to climate change?
What conditions are required for new markets to drive the transition?
How do we ensure that we achieve a transition and adapt to changes in a manner that is equitable and sustainable and avoid unintended environmental consequences, such as through biomass being generated for biofuels in an unsustainable manner?
There can be no better expression of the links between Globalization and Environment than the transition to a low carbon economy and securing the finance required to adapt to climate change – and no better time to address the issue.
Consultation meeting with major groups
In line with the upcoming 10th Special Session of the GC/GMEF in 2008, it is recommended that the discussion focus on the objectives of how, in a just and equitable manner, to:
finance the transition to a ‘sustainable’ low carbon economy, including through new investment flows and markets for climate friendly technologies;
access the finance required to adapt to change, especially for countries that are most vulnerable;
create both an enabling and sustainable policy and regulatory environment for the transition;
achieve multiple environmental objectives, and avoid unintended environmental consequences, through the transition and through adaptation measures; and
identify the linkages to wealth generation and poverty eradication through the transition and through implementing adaptation measures.
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