Twenty years ago climate change was viewed as just an environmental issue. Today it is squarely an economic issue. Climate change poses significant risks to our economic systems that could result in very large damages. To mitigate these risks we need to radically transform our economies and societies to stop global warming.
The OECD’s 34 member countries today affirmed their common resolve to work towards a deal on combating climate change at the COP21 talks in Paris in 2015. OECD accession countries Colombia and Latvia joined the statement issued at the Organisation’s annual Ministerial Council Meeting, attended by finance, economy, trade and other ministers.
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The paper covers a wide range of issues, including domestic green investment policy frameworks, policies to support a shift toward low-carbon, climate-resilient investment, scaling-up private climate investment including through institutional investors, tracking international public and private climate investment flows, finance and investment for climate change adaptation, and improving the effectiveness of climate finance.
With the right policy mix and bold decisions, we can turn environmental sustainability into a source of growth, employment and economic resilience. Green can go hand in hand with growth; and the OECD, with your guidance and support, can help our countries to succeed in this urgent economic transformation.
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Ministers affirmed their common resolve to work towards adopting a legally binding instrument on combating climate change and agreed to step up efforts to incentivise private investment in low-carbon infrastructure, foster green goods and services, phase out fossil fuel subsidies and study how export credits could help combat climate change.
A new OECD report describes what Ethiopia and Columbia are doing to sustain development in a changing climate.
Climate-related disasters have inflicted increasingly high losses on developing countries, and with climate change, these losses are likely to worsen. Improving country resilience against climate risks is therefore vital for achieving poverty reduction and economic development goals.
This report discusses the current state of knowledge on how to build climate resilience in developing countries. It argues that climate-resilient development requires moving beyond the climate-proofing of existing development pathways, to consider economic development objectives and resilience priorities in parallel. Achieving this will require political vision and a clear understanding of the relation between climate and development, as well as an adapted institutional set-up, financing arrangements, and progress monitoring and evaluation. The report also discusses two priorities for climate-resilient development: disaster risk management and the involvement of the private sector.
The report builds on a growing volume of country experiences on building climate resilience into national development planning. Two country case studies, Ethiopia and Colombia, are discussed in detail.
The OECD Environmental Strategy clearly outlines the need for governments to look for integrated solutions such as sustainable materials management to address current environmental concerns. Ideally public authorities should try to internalise all negative environmental externalities in the prices facing firms and consumers at all stages of the life-cycle.
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Biodiversity loss is a major environmental challenge facing humankind. Biodiversity - and associated ecosystems - provide a range of invaluable services to society that underpin human health, well-being and economic growth. These include food, clean water, flood protection and climate regulation.
Colombia’s rich natural heritage as one of the world’s most bio-diverse countries is coming under increasing pressure from extractive industries, livestock grazing, urbanisation and car use, according to a new OECD report.