External publications

A green and just planet: the 1.5°C Agenda for governing global industrial and financial policies in the G20

Mazzucato, Mariana / Vera Songwe / Juliano Assunção / Barbara Buchner / Daniela Gabor / Renu Kohli / Amir Lebdioui / Carlos Lopes / Ma Jun / Luisa Palacios / Ulrich Volz
External Publications (2024)

T20/G20 Brasil, Independent Report of the G20 TF CLIMA Group of Experts

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Climate action requires redesigning economies and redirecting growth, tackling the debt crisis and reforming the architecture for global finance, and addressing growing global inequalities head-on to ensure all countries have the fiscal space to invest in climate change mitigation and adaptation and that the benefits of green growth are distributed widely and fairly. This report sets out how green industrial strategy and green financing, under robust, equitable global governance frameworks, can deliver on core objectives. Critically, environmental, industrial, and financial policies should be brought into alignment. We need new policies and frameworks, on both the national and international levels, to steer growth in a sustainable direction. This report calls for a paradigm shift in three critical areas. First, it argues that success requires G20 countries to focus their national transition plans on ambitious green industrial strategies that will catalyze investment, innovation, and transformation aligned with Nationally Determined Contribution (NDC) targets, as the driver of new development pathways. Second, it makes the case for financing these strategies by rapidly reorienting public and private investments away from carbon-intensive activities and towards sustainable, NDC-aligned ones, leveraging country platforms to coordinate and direct investment. G20 countries, especially high-income ones, should shoulder more responsibility for providing and scaling up the financing required for this transformation. Third, it is vitally important that the global governance of industrial strategy and finance should prioritize justice and equity.