The report calls for international action to combat climate change

The world's top 20 economies, collectively known as the G20, need to adopt ambitious sustainable industrial strategies and financial policies to limit global warming to 1.5 degrees C above pre-industrial levels, according to a new international report led by a UCL researcher.

Commissioned by the Brazilian government as part of its G20 presidency, the report provides independent recommendations to the G20 Task Force on Global Mobilization Against Climate Change (TF-CLIMA). It recommends that each country develop economic and financial policies to limit carbon emissions to Nationally Determined Contribution (NDC) targets, as well as new approaches to global governance that prioritize fair and equitable economic growth.

Co-Chair Professor Mariana Mazzucato (UCL Institute for Innovation and Public Purpose) said: "The goal of limiting global warming to 1.5°C above pre-industrial levels requires urgent action by the G20 to set a new course for growth." G20 countries should pursue ambitious green industrial strategies in line with their NDCs and work to redirect finance – including massive resources in multilateral and national development banks – to ensure that all countries have fiscal room to operate.

According to the report, an industrial strategy aligned with the NDC goals should be central to countries' plans to transition to a more sustainable economy. These industrial strategies should be coordinated across all levels of government, in the public and private sectors, to ensure effective climate action and provide states with the ability to use green finance strategically. (University College London, more at phys.org