A global climate alliance to accelerate climate action: proposals to the G20

This T20 policy brief discusses the key challenges in coordinating and accelerating ambitious climate action in the Global South, particularly the problem of scaling up private-sector climate finance. It also provides a brief description of the key principles for the proposed GCA, and discusses the major initiatives that can be undertaken by the G20 countries.

The brief also presents five actionable recommendations for the G20 Leader’s Summit: (1) announcing and endorsing the principles of a GCA as part of a dialogue with the G7 Climate Club process, aimed at creating a common structure that better reflects the interests of the Global South; (2) mobilising multilateral development banks to immediately launch novel climate financing mechanisms, such as long-term currency hedging; (3) establishing sectoral working groups that will formulate Paris-aligned decarbonisation targets, pathways, and financing requirements; (4) setting up a GCA secretariat under the aegis of the G20 as a bridging measure to help develop an integrated G20/G7 structure; and (5) designating nodal climate financing institutions in participating Global South countries to act as hubs to accelerate private sector climate financing.

Jayant Sinha et al., “A Global Climate Alliance to Accelerate Climate Action: Proposals to the G20,” T20 Policy Brief, May 2023