A bridge between CO2 plans and the coronavirus response
Illustration: Sarah Grillo/Axios
Coming soon (perhaps) to a country near you: A coronavirus-Paris climate deal crossover.
Driving the news: The World Bank wants to help nations ensure their upcoming emissions pledges under the Paris climate agreement are transformed into a "pipeline of shovel-ready activities."
Why it matters: The plan signals how multilateral institutions want climate-friendly investments stitched into the fabric of huge economic recovery packages.
Catch up fast: This year, countries are supposed to submit revised pledges, called "nationally determined contributions," ahead of what was slated to be a pivotal UN climate summit in November.
- The event has been postponed until some time next year due to the pandemic.
- But the World Bank says countries should nonetheless look at the NDCs and other climate plans as components of their coronavirus response.
How it works: Bank officials are offering guidance to governments for how to integrate NDCs into stimulus packages.
- "Building the bridge between NDCs and a sustainable recovery will require significant coordination, both between the ministries of each government and externally, including with international institutions," World Bank officials said in a post on the topic last week.
But, but, but: It's not clear how many countries will buy into the idea of "green" economic recovery packages, which brings me to this Reuters piece...
"[T]here are already signs that China and other Asian giants like South Korea and Japan will steer recovery funds into struggling coal-focused state financers, equipment suppliers and construction firms."