New Global Commission Launched To Address Economic Growth And Climate Change

New Global Commission Launched To Address Economic Growth And Climate Change

On September 24, 2013, a new organization, the Global Commission on the Economy and Climate (the “Commission”), launched in New York. The Commission will focus its efforts on the economic costs and benefits of acting on climate change. Speakers at the inaugural event included the Chair of the Commission, former President of Mexico Felipe Calderón. Commission Chair Calderón stated: “Climate impacts are rising and the evidence of warming is increasingly clear, but most economic analysis still does not properly factor in the increasing risks of climate change or the potential benefits of acting on it… We need urgently to identify how we can achieve economic growth and job creation while also reducing emissions and tackling climate change.”

The Commission brings together expert research institutes from five continents, and is comprised of a partnership of seven economic and policy research institutes, located in the United States, China, Europe, India, Korea, and Ethiopia. The Commission is also overseen by an International Council comprised of former heads of government and finance ministers and leaders.

The flagship project of the Commission is the compilation of a comprehensive report known as “The New Climate Economy” (the “project”), which is scheduled to be released in September 2014, a year before the culmination of negotiations for a new international climate agreement in Paris in 2015. An advisory panel of world leading economists, including Nobel Prize winning economist Daniel Kahneman, will review the work of the Commission. The project will involve directly engaging with key decision makers in finance ministries and with major businesses and investors, including leading economic organizations, such as the World Bank and International Monetary Fund. The project will also invite contributions from a variety of other leading financial institutions. Once the New Climate Economy project is complete, the Commission plans to take its findings and recommendations directly to heads of government, finance and economic ministers, business leaders and investors throughout the world. The Commission’s aim is to comprehensively address the actions and policies which can simultaneously deliver better economic growth and address climate risks.

For more information, please see the Commission’s website.

By Seth J. Schriftman, Attorney, Jenner & Block

Read more at Corporate Environmental Lawyer Blog by Jenner & Block LLP.

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