CSIS-美国在G20气候峰会上的领导地位：投资、债务减免和产业政策战略（英文）-2021.3-41页_6mb

U.S. Climate Leadership at the G20: A Strategy for Investment, Debt Relief, and Industrial Policy

Core Content

This report outlines a U.S.-led strategy for advancing climate action through the G20, focusing on three key initiatives: Green Development Network, Green Recovery Facility, and Green Industrial Policy Dialogue. These proposals aim to address the growing gap between global climate ambitions and actual progress, leveraging the G20 platform to catalyze more effective and coordinated climate policies.

The report highlights that while the world has made some strides in renewable energy deployment, it remains far from meeting its climate targets. The Biden administration seeks to reassert U.S. leadership in climate diplomacy, particularly in the context of the Covid-19 crisis, which has both constrained and created new opportunities for climate action.

Main Views

• Climate change is a global challenge requiring coordinated action, especially from major emitters.
• Green investment is critical for achieving climate goals, but current efforts are insufficient.
• Debt relief can be a powerful tool to enable developing countries to pursue climate-friendly policies.
• Global trade rules need to evolve to support more aggressive climate action, particularly in the energy sector.
• U.S. leadership is essential in mobilizing global cooperation and overcoming geopolitical tensions, especially with China.

Key Initiatives

1. Green Development Network

• Objective: Help 30 countries achieve 30% of their electricity from non-hydro renewable sources by 2030.
• Approach:
  • Streamline and focus existing institutions and initiatives on a measurable goal.
  • Mobilize financial suppliers such as export credit agencies and multilateral development banks.
  • Establish clear funding standards and create a pool of recipient countries.
  • Develop targeted strategies for each country, assigning responsibilities to relevant institutions.
• Benefits:
  • Promotes renewable energy expansion in developing countries.
  • Supports U.S. campaign promises on climate partnerships and clean energy exports.
  • Offers an alternative to China's Belt and Road Initiative in development financing.

2. Green Recovery Facility

• Objective: Provide green debt relief to developing countries in exchange for climate and biodiversity commitments.
• Approach:
  • Create a coordinated framework for negotiating green debt relief.
  • Offer various relief options such as debt recapitalization and debt-for-climate swaps.
  • Run short-term pilot projects to demonstrate proof of concept.
  • Expand eligibility criteria based on economic, climate, and biodiversity metrics.
  • Link debt relief conditions to climate actions and encourage private and public commitments.
• Benefits:
  • Addresses the financial constraints of developing countries post-pandemic.
  • Encourages more aggressive climate action without compromising economic recovery.
  • Supports the concept of "green stimulus" by aligning debt relief with climate goals.

3. Green Industrial Policy Dialogue

• Objective: Reform global trade rules to support climate-driven industrial policies.
• Approach:
  • Create a standing G20 agenda item on green industrial policy and trade.
  • Provide guidance on applying trade remedies to climate-related policies.
  • Negotiate a temporary climate waiver within the WTO to exempt climate actions from normal trade rules.
  • Officially complement and protect NDCs under global trade rules.
  • Include ongoing sectoral dialogues to explore clean energy supply chain alliances.
  • Agree on acceptable approaches to subsidies, incentives, and local content requirements.
• Benefits:
  • Acknowledges the need to shift from free trade orthodoxy to climate-driven reforms.
  • Encourages sector-specific cooperation and alignment of trade rules with climate goals.
  • Supports the reshoring of manufacturing and supply chain diversification.

Context and Challenges

• Global investment gap: The world needs to invest $68 trillion in renewable energy between 2020 and 2040, a 66% increase from previous levels.
• SDG progress: While SDG 7.2 aims to increase renewable energy share, progress remains slow due to lack of consistent funding and policy support.
• Geopolitical tensions: The U.S. faces challenges in re-establishing its leadership in climate diplomacy, especially with China, which has become a strategic competitor.
• China's role: China's Belt and Road Initiative has led to increased overseas investments, including in coal, which poses a risk to global climate goals.
• Need for collaboration: U.S.-China cooperation is essential for meaningful climate progress, given their status as the world's two largest emitters.

Conclusion

The report emphasizes the importance of plurilateral action through the G20 to address the emissions gap and climate challenges. It advocates for a shift from abstract targets to tangible reforms, coordinated investment, and flexible trade policies that support climate action. The proposed initiatives are designed to be complementary, ensuring that the U.S. can lead in creating a more effective and inclusive global climate strategy.

About the Authors

• Lachlan Carey
• Sarah Ladislaw
• Nikos Tsafos

These authors are affiliated with the CSIS Energy Security and Climate Change Program, a leading think tank focused on global energy and climate policy.