The Pakistani government, for example, has earmarked between US$800 million and US$1 billion over the next four years for an afforestation program to capture carbon while also creating job opportunities for thousands of low-skilled workers. Then there’s direct public investment in nature-based solutions and agriculture to protect nature’s ecosystems and create a sustainable food system - including afforestation, wetlands restoration, wildfire prevention and water irrigation. And in Vietnam, installations of rooftop Solar PV capacity have increased by 2,435% since the beginning of 2019, driven mainly by a feed-in-tariff scheme. In Shenzen, China, the three major bus operators were incentivized to transition to EV through an annual subsidy of USD 75,500 for each vehicle. Germany committed €2.5 billion for investment in EV infrastructure and a €9,000 subsidy per vehicle to encourage adoption. Governments are also offering subsidies and grant funding to research institutes, academic institutions and private R&D firms to boost innovation and develop transformative technologies such as renewable energy, carbon capture, waste management, and energy efficiency. Subsidies and tax rebates are additional tools to boost demand for green products and services like EV, solar panels or renewable energy. We also see many examples of loans and grants for green investments in sustainable agriculture, renewable or low-carbon energy sources, energy-efficient buildings, public walkways and cycleways and electric vehicle (EV) infrastructure. Many are adopting a stick and carrot approach, including green taxes on harmful environmental activities, tighter regulations, and new environmental standards and certification for energy performance, emissions and pollutants – including tax rebates for meeting these standards. Governments can choose from a wide range of policy interventions and financing measures to support the transformation of energy and industrial systems, improve energy efficiency, tackle environmental pollution, and protect and replenish natural capital. But according to the International Energy Agency (IEA) the latest pledges still leave a significant gap in the emissions reductions needed by 2030 to keep 1.5 ☌ within reach.
2įollowing COP26 in Glasgow, many countries have raised their ambitions. Continuation of this trajectory would cut total global economic value by 10% by 2050, according to Swiss Re. The situation is already grave, with the planet on a path to a 2.7 ☌ temperature rise by the end of this century, 1 based on national CO2 emissions pledges made prior to the COP26 summit - well above the 1.5 ☌ Paris Agreement target. It will also undermine countries’ resilience to future shocks.
Aside from the catastrophic impact on the lived environment - such as depletion of natural resources, frequent and intense drought and extreme weather events - failure to tackle these threats will heighten health and social inequalities, and push millions of people into extreme poverty. Economies can only grow sustainably if they simultaneously manage the growing urgency of environmental degradation and climate change.
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