Global Commission on Economy and Climate Meets to Finalize Report
27 June 2014: The Global Commission on the Economy and Climate and its Commissioning Countries met to finalize the New Climate Economy (NCE) report, which will be released in September 2014 in advance of the UN Climate Summit. The report will make recommendations on actions and policies that can achieve economic growth while also addressing climate change. The meeting took place on 26-27 June 2014, in Stockholm, Sweden.
Felipe Calderón, former President of Mexico and Chair of the Commission, said the report will focus on urban development, energy systems and agricultural land use, among others. He stressed that cities need to be better planned, so they are compact and use resources efficiently. He further called for eliminating fossil fuel subsidies, noting that US$500 billion annually is spent worldwide to subsidize fossil fuels, but only US$82 billion is spent on subsidizing renewable energy.
Peter Norman, Minister for Financial Markets, Sweden, said pension funds worldwide should make a greater effort to invest in companies that have cut their carbon dioxide (CO2) emissions. He added that such investment could be used as a marketing tool to attract investors, especially younger investors.
After the publication of the report, the Commission will take its findings and recommendations to heads of government, finance and economic ministers, business leaders and investors.
The Global Commission on the Economy and Climate was commissioned by seven countries - Colombia, Ethiopia, Indonesia, Norway, the Republic of Korea, Sweden and UK - as an independent initiative to report to the international community. Its work is conducted by research institutions worldwide and overseen by an advisory panel of economists. [Global Commission on the Economy and Climate Website] [Government Offices of Sweden Press Release] [Calderon Remarks]