Kumarakom (Kerala): Last week, the United Nations Intergovernmental Panel on Climate Change (IPCC) released its report detailing the devastating consequences of greenhouse gas emissions and warned that the world needs to chart a course to avoid irreversible damage. need to change. It said that global warming is already causing unprecedented changes in the climate and developing countries in particular need more money to adopt a low carbon path to development. Professor Jeffrey D. Sachs, director of Columbia University’s Center for Sustainable Development, explains Peppermint What needs to be done to reverse direction in an interview before it’s too late. He was the keynote speaker at a side event on green growth organized as part of the second Sherpa meeting of India’s G20 Presidency. Edited excerpts:
The world has faced several global crises in recent years. How are they affecting sustainable development?
The Ukraine war, the Western sanctions regime, COVID, climate change and US-China tensions are all distorting the global trajectory on sustainable growth. The G20 is an important process to get back on track.
The latest IPCC report paints a grim picture on financing for sustainable development. How can it be reversed?
The single biggest problem is that rich countries have access to capital on better terms than poor countries. Capital flows to those who already have capital. We need to expand development finance in a big way, roughly 10X, especially through multilateral and national development banks. The World Bank, the Asian Development Bank, the Asian Infrastructure Investment Bank, the New Development Bank, and others must increase their loan flows by nearly 10 times over the coming five years, and their owners will be fully funded to achieve this rapid increase in funding. Should be capitalized from.
Will the SDG targets be met by 2030?
Most countries will fall short of the targets, and some will fall far short. Poorer countries will fall short of the targets primarily because they lack the financing needed for SDG investments on a large scale. Rich countries have ignored the global agenda, failing to take concrete steps to support it. Most rich countries will also fall short of the targets because they are not doing enough domestically.
Is it possible to achieve green growth that reduces poverty, creates quality jobs and reduces inequality?
Yes. The key is having well-structured plans at national and regional level and adequate funding to support these plans. There are six priority areas for investment: education, health, energy transition, sustainable land use and agriculture, urban infrastructure and digital transformation.
Is the G-20 doing enough to promote green growth?
Led by India this year, Brazil next year and South Africa in 2025, the G20 could reshape the global financial architecture to ensure that every part of the world can make the investments needed for sustainable development.
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