Following on the 11th Petersberg Climate Dialogue, today high-level representatives of international finance institutions and private investors are discussing how politics and the financial industry can organise a climate-friendly, sustainable restart of the world economy after the Covid-19 pandemic and overcome the impacts of the crisis. The invitation was extended by the Federal Environment Ministry, the British Department for Business, Energy and Industrial Strategy and the think tank Climate Policy Initiative.
Environment State Secretary Jochen Flasbarth remarked: "The design of upcoming economic recovery programmes will determine the climate and development path that the international community takes. Globally, we have to shape economic stimulus so that we are also able to achieve the targets of the Paris Agreement and the UN Sustainable Development Goals. In addition, we must ensure that the countries of the global South with high debt burdens remain capable of action despite the Covid-19 pandemic. This makes discussion of debt relief programmes necessary as well."
Lord Callanan, UK Minister for Climate Change: "While we focus our scientific might on fighting Coronavirus, we must not lose sight of the immense challenge of tackling climate change and transitioning to a greener, climate-resilient global economy. The UK has committed to doubling its climate finance to 11.6 billion pound sterling by 2025 and as the next hosts of the COP26, we will spearhead international efforts to put climate action at the heart of our economic recovery."
Barbara Buchner, Global Managing Director of Climate Policy Initiative: "This conversation comes at a critical time for bridging economic action with the need for green, resilient growth globally. With strong ambition, a focus on continued innovation, and effective use of both public and private resources to deploy solutions at scale, we can build back the economy in a way that is inclusive and resilient to the next set of inevitable shocks"
Many in the public and private financial sector have signalled their willingness to help align recovery programmes with climate targets and sustainable development. Today's event following the 11th Petersberg Climate Dialogue aims to identify and promote promising approaches for green, sustainable international aid programmes. The focus will be on how climate-friendly recovery programmes can go hand in hand with financial support for climate efforts in developing countries.
In addition to State Secretary Flasbarth, participants in the dialogue include his British colleague Lord Callanan, Director of the International Monetary Fund Kristalina Georgieva, UN Special Envoy on Climate Action and Finance Mark Carney and the Chair of the Net-Zero Asset Owner Alliance and Member of Allianz Board Dr Günther Thallinger. During the Petersberg Climate Dialogue, the topic of sustainable crisis management was already a centrepiece of the discussion between around 30 climate ministers.