Green growth is expensive. The global economy can afford it.
Feb 13, 2025
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Achim Steiner, the Head of the UN Development Programme, shares insights on climate action amidst global challenges. He emphasizes that while we have the solutions, we often fail to act on them. Countries like Uruguay and India are innovating sustainably without relying on international funding. Steiner urges developed nations to enhance financial support for sustainable efforts. The discussion highlights the complex relationship between climate change and economic growth, especially for poorer nations emerging from the pandemic.
Technological advancements in renewable energy have led to increased investments, with projections indicating $3 trillion directed towards clean technologies in 2024.
The disparities in climate progress highlight the necessity for developed nations to support developing countries in achieving equitable sustainable development through financial assistance.
Deep dives
The Role of Technology in Climate Progress
The podcast highlights the significant technological advancements in renewable energy over the past decade, underscoring that substantial investments are being directed towards clean technologies. In 2024, it is estimated that two-thirds of $3 trillion in new energy infrastructure investments will go towards renewables. Furthermore, the total investment in new renewable electricity-generating capacity has surpassed that of traditional fossil fuels, signaling a vital shift in energy strategies worldwide. This shift reflects the combined efforts of international communities, private sectors, and scientific innovations towards a decarbonized future.
Global Inequities and Climate Action
The discussion addresses the alarming disparities in climate progress between wealthy and developing nations, particularly regarding the Human Development Index. While developed countries often prosper, many poorer nations face regress due to internal conflicts and insufficient support from international institutions. The head of the United Nations Development Program emphasizes that in crisis contexts, development is increasingly being destroyed rather than built. This situation highlights the urgency for developed nations to recognize their role in mitigating these inequities through cooperative efforts and financial support.
Sustainable Development Goals as a Framework
The Sustainable Development Goals (SDGs) are articulated as a comprehensive framework to tackle interconnected global issues, asserting that addressing climate change must happen within a broader developmental context. Instead of focusing solely on individual goals, the discussion emphasizes the need for holistic development strategies that incorporate climate action, poverty reduction, and equitable resource access. Although the world is on track to miss its 2030 targets, the podcast argues that the principles behind the SDGs remain crucial for guiding countries through current challenges. The importance of international cooperation is echoed, as the SDGs serve as a unifying agenda for all nations.
Emerging Climate Leadership in Developing Countries
Examples of positive climate leadership from various nations are showcased, demonstrating progress, even in economically challenged regions. For instance, Uruguay has successfully launched sustainability-linked performance bonds to support its climate initiatives, while India is on track to significantly expand its renewable energy capacity. Similarly, Kenya and Namibia are making strides in clean energy production and green hydrogen investments, respectively. These examples underscore a shift in climate action leadership to developing nations that are increasingly prioritizing sustainable economic growth and renewable energy over traditional fossil fuel reliance.
How do we keep climate action alive in a fracturing world? “Today we live in an age where we actually have the solutions– technologically, economically, financially speaking– but what we are not doing is acting on them,” Achim Steiner, head of the United Nations Development Program tells Akshat Rathi. In a conversation recorded at COP29, Steiner talked about how some countries– including Uruguay, India, Kenya, China, and Bhutan– are moving forward with innovative climate solutions even when international financing isn’t readily available. He also called on the developed world to find better ways to fund sustainable development.
Zero is a production of Bloomberg Green. Our producer is Mythili Rao. Special thanks this week to Sharon Chen and Jessica Beck. Thoughts or suggestions? Email us at zeropod@bloomberg.net. For more coverage of climate change and solutions, visit https://www.bloomberg.com/green.