Tackling the climate emergency and delivering the 2015 Paris Agreement was never going to be cheap. Building a low-carbon society is going to need big investments, and quickly – but these are productive, attractive investments that can also deliver cleaner air, better jobs, more comfortable homes and greater energy security.
Yet governments and businesses are not seizing this opportunity. Before the pandemic struck, the G20 countries were subsidising fossil fuels to the tune of $584 billion a year. While world leaders promised $100 billion a year by 2020 to support low- and middle-income countries with climate action, there is also much dispute over whether this target has been met. And despite the growing evidence and demand for a green economic recovery from Covid-19, 46% of energy-related fiscal stimulus has flowed to carbon-intensive fossil fuels. Now COP26 just nine months away.
Join ODI and the UK Youth Climate Coalition for this two-hour virtual workshop on 11 March (18:30-20:30 GMT) where we will explore up-to-date evidence about aligning financial flows with climate goals. If you are a young climate activist, keen to share ideas on financing the response to the climate crisis, then we want to hear from you.
We will explore financing the response to the climate crisis through two focus topic areas:
- UK’s track record on fossil fuel subsidy and reform
- A global approach to meeting the $100 billion target