As Argentina prepares to assume the 2018 G20 Presidency this December, we are writing to express support for ensuring that climate change and sustainable, inclusive development remain a core part of the agenda.
G20 members have recognized the significant opportunities that arise from addressing climate change in the Climate and Energy Action Plan for Growth (CEAP). CAN believes the CEAP provides an excellent framework for maximizing sustainable development opportunities in a coherent manner and that 2018 presents a pivotal moment for Argentina to lead the transition towards low carbon and climate-resilient economies by strengthening collaboration within the G20 to ensure its implementation. We therefore also urge the Argentina G20 presidency to continue to address climate and energy issues together under the umbrella of the Sustainability Working Group.
As an emerging economy, Argentina is well positioned to address the economic, social and development opportunities posed by climate change mitigation. Argentina was the first country to submit a revised Nationally Determined Contribution in 2016 and is now part of the High Ambition Coalition which could enable it to leverage this progress, alongside its G20 presidency, to encourage all countries to revise their NDCs before 2020 as part of the 2018 facilitative dialogue.
President Macri has declared 2017 to be the “year of renewable energy,” and committed Argentina to meeting 20% of its electricity demand with renewable energy by 2025. Argentina is making important progress in attracting investment to capitalize on its considerable potential for expanding the deployment of renewable energy. Furthermore, citizens increasingly support investments in modern, smart and clean economies. A 2017 study by the International Trade Union Confederation showed that 84% of Argentines would like to see their government promote a just transition to a zero-carbon future. Other surveys by the Pew Research Center show that global climate change is considered the greatest global threat by Latin American citizens.
Argentina is also well placed to help address the urgent requirements to adapt to the impacts of climate change within the G20. Building resilience to climate impacts is critical and clear signals from governments and investors are necessary to develop national economies in a climate-resilient way, safeguarding the wellbeing of their citizens. Investing in environmentally sustainable growth and infrastructure is essential to increase long-term economic stability and avoid costly stranded assets. Argentina can show leadership in ensuring that its G20 presidency commits to support measures for addressing adaptation and loss and damage, as well as to strengthen partnerships for pro-poor climate and disaster risk finance and resilience frameworks. Within the global financial agenda, the G20 can drive regulation and policies to ensure climate impacts are internalized into markets so as to stimulate private investment in resilience.
We also welcome Argentina's efforts to convene financial regulators, G20 representatives and the broader international regulatory community to discuss the integration of sustainable finance policies into financial market regulation and the role green finance can play in unlocking investment for sustainable development and also managing potential risks from stranded assets. We look forward to Argentina's leadership in ensuring that its G20 presidency cements the role of sustainable finance in the G20 Finance Track and builds on the success of major initiatives such as the Task Force on Climate-related Financial Disclosures (TCFD), which is now supported by investors with more than US$ 19 trillion of assets under management.
Argentina can also link its G20 agenda on jobs and technology with the objective of building a low-carbon economy and a just transition. A key way to link these agendas would be for Argentina to aim to complete an ambitious long-term low-emission development strategy before the 2018 G20 summit.
We welcome the 2017 G20 commitment to continue collaboration with civil society stakeholders and look forward to working closely with the Argentine Presidency. Finally, we call on the Argentine Presidency to broaden its engagement with non-G20 countries, by inviting the finance ministers of the Climate Vulnerable Forum, the V20, as an observer to the 2018 G20.