G20 and climate: Edenhofer speaks at Global Solutions Summit

 
23/04/2020 - To advance the coupling of economic and environmental prosperity, leading thinkers and doers assembled at this year's Global Solutions Summit. PIK Director Ottmar Edenhofer was invited to deliver a keynote on what the G20 – the world’s largest economies – can do to prepare the road towards the next global climate summit COP26. The focus was on how to ensure functioning global carbon markets. Gunnar Luderer, also from the Potsdam Institute, participated in a panel debate on a circular carbon economy – in fact mitigation options such as storing or re-using CO2 emissions, or using biomass and renewables based-fuels.
G20 and climate: Edenhofer speaks at Global Solutions Summit
Ottmar Edenhofer proposes a long-term investment fund to counter the economic crisis triggered by COVID-19. Photo: Screenshot by PIK.

“My proposal is setting up an investment fund for long-term investments” to counter the economic crisis triggered by COVID-19, Edenhofer said in his keynote. “This fund could issue fiscal bonds with a maturity of 50 years and should provide a credit rate below the market interest rate, for green investments, for sustainable investments, for resilient investments.” The fund could “include a shadow carbon price”, Edenhofer stated.

High-ranking decision-makers participated in the discussions. Ottmar Edenhofer was on a panel with Svenja Schulze, German Minister of the Environment, along with Laurence Tubiana, head of the European Climate Foundation and France’s key negotiator at the breakthrough 2015 climate summit. Gunnar Luderer was on a panel with the Saudia Arabia’s chief negotiator on climate change issues, Khalid Abduleif, as well as Adair Turner, chair of the Energy Transitions Commissions. Further participants included Germany’s Finance Minister Olaf Scholz, Greg Medcraft of OECD, the head of Charité virology Christian Drosten, Jean-Claude Trichet from Banque de France, and a number of international G20 sherpas.

The Global Solutions Initiative is a global collaborative enterprise comprised of a network of world-renowned think tanks.  It proposes policy responses to major global problems, addressed by the G20, the G7 and other global governance fora. It was founded during the 2017 German G20 Presidency by the Initiative’s President Dennis J. Snower, President of the Kiel Institute for the World Economy.

Weblinks:

  • You can watch Ottmar Edenhofer's speech here.
  • More information on the Initiative is available here.