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9 August 2022

Measuring the Progress of Low Carbon and Green Economy

The G20 Development Working Group (DWG) 3rd Meeting Side Event “Towards Implementation and Beyond: Measuring the Progress of Low Carbon and Green Economy” was held in a hybrid form on the 9th of August 2022 from 2.00 pm – 4.25 pm (WITA – Central Indonesian Time, GMT+8).

The overall goal of the event was to share and disseminate Indonesia’s policy and practical approach in implementing and measuring Green Economy at country level, as part of the G20 Development Working Group discussions particularly around the Key Focus Area III: Green Economy and Blue Economy through Low Carbon Development. In addition to the country delegates, Development partners, private companies, civil society, universities, and International Organizations were invited to the side event meetings.

Following the opening remarks, a launching ceremony took place to present the Indonesian Green Economy Index – a national initiative led by the Ministry of National Development Planning/BAPPENAS – followed by a panel discussion on the nexus between development, climate change, and biodiversity. The panel included representatives from the Indonesian parliament, BAPPENAS, the University of Indonesia, the UK Foreign, Commonwealth and Development Office (UK-FCDO), Lingkar Temu Kabupaten Lestari (LTKL), and the UN-Environment Programme (UNEP).

Dr. Steven Stone, Deputy Director, Economy Division UNEP and chair of the Partnership for Action on Green Economy (PAGE) management board highlighted the importance and urgency to transform economies towards a greener and more resilient future, following the unprecedented climate instability, the rising pollution that is affecting human health, and the extraordinary loss of nature. He focused on the importance of allocating and spending available resources in responsible and innovative ways to bring solutions on jobs, development, and reducing poverty through a focus on social inclusion and sustainability.  For instance, despite the fact that 16 to 20 trillion dollars were injected into the economy as a global response to the lockdown, limited advances were made in furthering the green transition and the resulting fiscal pressure caused by the increased cost of capital and inflation is increasing the strain on the economy and the environment.

According to Stone, the launch of the green economy index represents a significant evolution of the concept and the strong political will to carry it forward; and he indicated that technical and technological solutions are already available and being shared. “The fact that Indonesia with the G20 presidency has put the green economy onto the table of the development working group signals that we need these kinds of solutions and we need to work on them together”.

Finally, Stone identified three prioritization pathways to move forward:

  1. Footprint: determine and monitor through scientific methodologies the climate, nature, and pollution footprints of all the products, activities, and sectors worldwide through the SCP-HAT dataset and website.
  2. Budgeting: encourage everyone to learn more about the returns in investing in nature, pollution controls and climate stability, by also looking at the Global Recovery Observatory initiative implemented by UNEP and the University of Oxford.
  3. Continuity: keep the progress measurement agenda alive and on the table, especially through the G20 presidencies that will follow.

Elaborating the next steps of the journey towards resilience will require collective effort and must involve all stakeholders.

For more information on the G20 side events calendar, please check this calendar.

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