Statement on Resilient Recovery

1. The COVID-19 crisis has shown the intrinsic linkages between planetary and human health, and the urgent need to strengthen our global response to systemic threats. As we continue our efforts to address the ongoing climate crisis, an ambitious recovery from the COVID-19 pandemic that supports the vulnerable, creates jobs, and sets us on track to limit global warming to 1.5 °C is both possible and necessary.
   

2. We welcome the Six Climate-related Actions for COVID-19 recovery efforts as set out by the UN Secretary General, and are determined to support their implementation. We reaffirm our collective commitment to international solidarity and support, especially with those particularly impacted by the convergence of the COVID 19 and climate crises. In this context, and as a complement to national efforts, we will take the following actions with a view to charting a recovery from the COVID 19 pandemic that is sustainable and just:

   We commit to:

• Maintaining existing environmental protection standards and emission reduction goals without exception.

• Promoting solidarity at the international level on climate change action in keeping with global objectives on conservation and sustainable use of biodiversity;

• Increase transparency on the contribution of recovery measures to the implementation of the Paris Agreement and call on others, including those in the private sector, to do the same.
  
  We will work with our respective Ministries of Development, Economy and Finance to: 

• Allocate the largest possible percentage of total fiscal recovery spending into the green economy and low-carbon professions, and ensure expenditure is consistent with the Paris Agreement objectives and the UN Sustainable Development Agenda 2030. We should be aiming for a target of 60% or higher in these efforts.

• When providing direct support (‘bailouts’) to avoid insolvency and job loss, include appropriate conditions to protect the public and planet’s interest. These may address the requirement for companies in receipt of public funds to have a target and plan for emissions reductions.

• Phase out and avoid fossil fuel subsidies with the aim of reorienting the economy towards zero-carbon alternatives, while supporting a just transition for those working in the fossil fuel economy and their communities.

• Honour commitments to provide highly concessional climate financing to ensure that developing countries have the resources needed to deliver a resilient recovery for their communities, particularly countries that require debt relief to support them through the COVID-19 and climate crises.

• Place a moratorium on new unabated coal-fired power plants, and phase out unabated coal-fired power plants by 2030 in the EU/OECD, all major emitters by 2040 and the rest of the world by 2050 at the latest; and halt all overseas coal financing.

• Promote sustainable finance in order to give investors the incentive and opportunity to finance environmentally sustainable projects or assets.

• Work more closely with National Development Banks (NDBs) to support green recovery efforts by catalyzing climate-smart finance and investment.
  
  We call on bilateral and international development finance institutions to:

• Deploy all available tools to ensure that developing countries have the necessary liquidity to tackle both COVID-19 and a green recovery; recognizing that this may include measures such as swaps of debt for nature;

• Increase their ambitions in Paris Agreement Alignment and in supporting a green recovery at the finance in common summit in November in Paris.

• Better integrate climate risks and opportunities in the financial system and welcome that this is one of the priorities of the incoming COP-26 Presidency.
  

3. 2020 was to be a year of climate ambition, and it must remain one if we are to avert dangerous ecosystem destruction already underway as a result of global temperature increases and climate change. Even as we grapple with the ongoing impact of COVID-19 we are determined to continue momentum on climate ambition and we remain resolute in our commitment to climate action and the success of the Paris Agreement. As we work towards the UN Climate Change Conference (COP26) chaired by the United Kingdom, we encourage all governments to increase momentum on climate action in 2020 through, the delivery of revised and more ambitious Nationally Determined Contributions in 2020, the alignment of recovery spending with NDC commitments, progressing the elaboration of Long-Term Strategies (LTS) and National Adaptation Plans (NAPs), and upholding their commitments for the delivery of climate finance commitments.

Supported by:

Minister Christopher Loeak (Republic of the Marshall Islands), Minister Andrea Meza Murillo (Costa Rica), Commissioner Fekadu Beyene (Ethiopia), Minister Eric Derk Wiebes (the Netherlands), Minister Carole Dieschbourg (Luxembourg), Minister Simon Stiell (Grenada), Attorney General and Minister Aiyaz Sayed-Khaiyum (Fiji), Minister Omar Figueroa (Belize), Sonam Wangdi (Bhutan), Minister Gale Tracy Christiane Rigobert (St. Lucia)

Note: UN Secretary General’s six actions for a green recovery  

First:  As we spend huge amounts of money to recover from the coronavirus, we must deliver new jobs and businesses through a clean, green transition.

Second:  Where taxpayers’ money is used to rescue businesses, it needs to be tied to achieving green jobs and sustainable growth.

Third:  Fiscal firepower must drive a shift from the grey to green economy and make societies and people more resilient.

Fourth:  Public funds should be used to invest in the future, not the past, and flow to sustainable sectors and projects that help the environment and the climate.  Fossil fuel subsidies must end and polluters must start paying for their pollution.

Fifth:  Climate risks and opportunities must be incorporated into the financial system, as well as all aspects of public policymaking and infrastructure.

Sixth: We need to work together as an international community.