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Global Green New Deal: An Update for the G20 Pittsburgh Summit

— theme: Specialized UN agencies and programmes

In response to the financial and economic crisis, UNEP has called for a “Global Green New Deal” for reviving the global economy and boosting employment while simultaneously accelerating the fight against climate change, environmental degradation and poverty. A Policy Brief outlining these recommendations was prepared in consultation with over 20 UN agencies and intergovernmental organizations and shared with members of the G20 (London Summit) meeting in April 2009. UNEP followed-up on this initial brief with a Global Green New Deal update that was launched during with the G20 (Pittsburgh Summit) in September 2009.

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The update summarizes the current amount of green investments included in national financial stimulus packages for a selected group of countries, the rate of green investment disbursement, and progress in domestic policy reforms required to embed these investments in a long-term transition to a green economy.

The update concludes that much more needs to be done and urges G20 governments to invest US$750 billion of the US$2.5 trillion stimulus package (about 1 per cent of global GDP) towards building a green economy – one that reduces carbon dependency, addresses poverty, generates good quality and decent jobs, maintains and restores our natural ecosystems, and moves towards sustainable consumption.

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