The G20 and the Transition to a Greener Economy

The G20 has a pivotal role to play in support of the development of amore sustainable economy. This entails sustainable green growth poweredby clean technologies and respect for nature’s biodiversity.

Already some international efforts are underway. The World Bank, in partnership with organizations including UNEP, will be assisting developingcountries with national, green accounts. But there are still majorobstacles that need to be overcome, not the least of which is subsidies. Subsidies use tax dollars that cause global warming and depletion ofdwindling fish stocks.

Global subsidies thatcontribute to climate change total up to $800 billion and over $27billion goes to fishing subsidies.We need to do more than address thecontradictions inherent in existing economic models, public policy andprivate sector investments must be aligned in ways that meet theshort-term recovery challenges with a longer-term vision of opportunity.

A year ago in London, G-20 leaders articulated a vision of an “inclusive, sustainable and green recovery.” By acting in concert and workingcooperatively, the G-20 can play a central role in making the transition to a low carbon economy.

Richard Matthews is a consultant, eco-entrepreneur, sustainable investor and writer. He is the owner of THE GREEN MARKET, one of the Web’s most comprehensive resources on the business of the environment. He is also the author of numerous articles on sustainable positioning, green investing, enviro-politics and eco-economics.

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