Stable and sustainable economic growth G20
The G20 must lead the way towards a stable and sustainable economic growth
Leaders of the 20 largest economies in the world who will meet in China later this week should help promote a change in the financial sector towards responsible investment with the environment to support people and the planet, has told WWF. G20 Summit starts on September 4 in the city of Hangzhou.
The summit begins on the foundations of recent global agreements on sustainable development and climate change, as well as some indications that the friendly investment environment are growing in the energy sector. Therefore, to WWF, the G20 must play its role in ensuring that global finance values nature and promotes sustainable development. Known in the jargon of the G-20 as "green finance", these investments should also discourage activities that damage the environment.
In addition to helping direct private funding towards sustainable investments, the G-20 should also advance understanding of how financial markets can take into account environmental and social risks associated with the reality of climate change and biodiversity loss and at the same time take steps to reverse the alarming trends of environmental degradation.
"The green and responsible finance has the power to move us towards a sustainable environmental and economic future", said Marco Lambertini, Director General of WWF International. "The damage that myopic investments are doing to our planet and our well-being can no longer be ignored. the economic, environmental and human costs of the financial risk is very real and G20 leaders must act now to minimize those risks. "
The G20 must also ensure that public funding contributes to the need for economies to grow in a sustainable manner and at the same time, protect the environment. The G-20 are the major emitters of greenhouse gases in the world and by 2020 they should eliminate subsidies to fossil fuels, while working to facilitate universal access to clean and renewable energy.
Only in 2014 worldwide about 500,000 billion was spent in consumer subsidies to support the use of fossil fuels, rather than investing the public money in renewable energy, facilitating access of the poor to energy or in other social measures. There are also significant subsidies to producers that must be eliminated.