What are the principles of Green Recovery?

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Man often becomes what he believes himself to be. If I keep on saying to myself that I cannot do a certain thing, I may end up really becoming incapable of doing it. On the contrary, if I have the belief that I can do it, I shall surely acquire the capacity to do it even if I may not have it at the beginning

– M.K Gandhi

According to NASA, the last decade was the hottest for the planet and the last five years were the warmest ever recorded in 140 years. There is likely to be an increase in the annual mean global temperature that is estimated to be at least 1°C above pre-industrial levels in the forthcoming five years (2020-2024), it is also expected that there is a 20% chance that the temperature would increase by 1.5°C in anyone of the years. The situation is grave but solutions are many it is just the attitude that adds to the pile.

A solution like green recovery can be utilized by the G20 countries to help achieve a sustainable, inclusive, and resilient future.

The principles of Green Recovery acts like a roadmap for the governments to address the climate and post COVID19 economic crises.

Principles of Green Recovery

Principle 1

The G20 countries must invest in sustainable physical infrastructure.

The direct investments in the form of loans or grants can help boost the sustainable physical infrastructure and help accelerate the growth of energy transitions in key sectors like:

  • Power – Renewable energy sources like solar, wind, biofuels, green hydrogen, investments in grid modernization, and negative emission technology.
  • Transport – Investments are focused on electric vehicles and low-emission public transport.
  • Industrial – Use of efficient lightings, operations, appliances, and digitalization.
  • Building – Energy efficient buildings and renovations, construction of zero-emission buildings.

Principle 2

The governments involved in G20 must invest in Nature-based solutions and the Environment:

  • Agriculture – Invest in sustainable agricultural practices and efficient irrigation systems.
  • Landscape and Forestry – Conservation of existing forests, land restorations along with wildfire prevention infrastructure.

Principle 3

Countries should prioritize investments in Education, Research, and Development:

  • Power – Invest in renewable technologies solar, wind green hydrogen.
  • Transport – Invest in innovations, like electric batteries, electric vehicles, low carbon alternative fuel, and improvements in the aviation sector.
  • Industry – Use of alternative chemicals, steel, cement, low or zero-emission technologies, or carbon-negative emission technologies.
  • Agriculture – Low water use and drought-resistant crops.

Principle 4

The Governments should introduce conditionality for greener bailouts:

Bailouts are used to protect jobs and deliver public benefits, the governments can use conditionality in bailouts to align the companies to a sustainable low carbon future. This can be done by:

  1. Investing in environmentally friendly operations and procurement procedures.
  2. Disclosing climate risks and environmental impacts.
  3. Transparency in supply chain
  4. Supporting sustainable job transitions.
  5. Formulate and achieve emission targets and commitments.

Principle 5

The countries must reinforce policy, regulations, and incentives for a sustainable future:

  • Energy – Tax rebates or provision of subsidies for using renewable sources of energy and introduction of carbon or fossil fuel tax.
  • Transport – Tax reductions or rebates or provide incentives to support the involvement of low carbon alternative fuels, electric vehicles, and low emission public transport.
  • Industry – Tax rebates and levies for use of renewable energy and energy-efficient operations.
  • Environment – The existing environmental protection regulations should be strengthened.

The application and adaptation of these principles by the G20 countries will be one of many efforts that would help tackle climate change and environmental adversities, last decade was the hottest we need all hands at the base to change the air and fight the odds, blaming will not resolve this issue rather deviate from the issue.

Remember people together we can we will save the world!

Source and Reference:
Climate Transparency Report 2020

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