ratification of the paris agreement is an unmissable opportunity for global growth

The opportunity to create history is rare.
The entry into force of the Paris Agreement on climate change is a clear exception.
This watershed agreement is now a fully binding legal treaty, less than 12 months after the agreement is reached.
This is unprecedented.
This is one of the fastest agreements for any United Nations multilateral agreement to come into force, indicating that despite increasing geopolitical uncertainty, governments are more aware of the dynamics of climate action than ever before.
Of course, there is a huge gap between the ratification of a treaty and the achievement of its objectives: especially those that have long been
In essence, the long-term goal is for our economies, energy and transport systems to move away from dependence on fossil fuels and achieve a massive transformation.
We can and should invest in and build cities that we can move, breathe and produce while protecting the natural world that supports our livelihoods.
This presents a fundamental opportunity to address broader economic problems.
For governments, multilateral institutions, investors and businesses seeking to implement the Paris agreement, the majority of the answer lies in infrastructure, which is related to the global excess of greenhouse gas emissions, it is also the basis for our economic growth and development.
Investing in sustainable infrastructure is key to addressing the three major challenges facing the global community: restarting growth, achieving sustainable development goals and reducing climate risks in line with the outcomes of the Paris conference.
In the next 15 years, the world will invest more in infrastructure than it currently has.
It doesn\'t take much to make sure this new infrastructure meets international climate goals, and additional upfront costs can be fully offset by improving efficiency or saving fuel.
Smart Sustainable choices are also smart economic choices.
It\'s no coincidence.
As government borrowing costs hit a record low, there is clearly reason for the Treasury to push, release, and even boost that investment.
Hear from British Prime Minister Philip Hammond in his speech at the Conservative Party conference that \"targeted, high
\"Value investment\" in UK infrastructure \".
Of course, this means that infrastructure is \"right for the future\"-that is, sustainable development-and will strengthen the UK\'s competitive advantage globally.
The global economic and climate Council, together
The chair identified actions that should be taken to improve the quality of the world\'s infrastructure.
Fossil fuel subsidies are fundamental price distortions that lead our investments to deviate from sustainable infrastructure.
Eliminating these pollution will make our air cleaner and more efficient.
Actions in Indonesia, Egypt and India are promising, and there is hope that the G7 will commit to phasing out fossil fuel subsidies by 2025.
We need to further price or regulate very harmful air pollution that comes from the burning of fossil fuels, killing millions of people around the world, including tens of thousands in the UK.
Carbon pricing is one of the important means to control pollution and provide correct incentives for sustainable investment.
Around the world\'s carbon emissions have already implemented existing pricing plans in jurisdictions under 40 countries and more than 20 countries, although in many cases, careful system design means that the price of carbon is too low to change behavior.
Maintaining the government\'s lower carbon price limit introduced in 2013 is essential to ensure that the UK continues to reduce carbon dioxide content in its energy system, while helping to create a level playing field for future low-emission technologies
The growth of the carbon industry will be the basis.
Now, more than ever, the government should stick to it:
The growth of carbon emissions is the future direction of development.
Governments also need to work to reform the financial system to provide the quality of investment needed, moving from short-term investment to short-term investmentterm to a long-term view.
They can start by encouraging growth in the green bond market and building global standards.
Especially in the post-Brexit era, the City of London should seize the opportunity to play a leading role in achieving this goal as a center of international excellence.
The government can also seek support for green banks, such as the UK\'s pioneering green investment bank.
Every time it invests £ 1 in public funds, it will take advantage of £ 3 in private investment and is now making considerable profits.
As the privatization process progresses, it is essential to maintain its green mandate.
Governments should also
Strengthening the Work of initiatives such as the Climate Task Force
Related financial disclosure.
It quickly came up with suggestions for voluntary disclosure of these risks, which could help investors make more informed choices, and the government needed to look at how to move quickly to mandatory reporting.
Achieving the objectives of the Paris agreement is essential in terms of the environment, but also an economic opportunity that cannot be missed.
Countries that can appropriately encourage and support low investment
The carbon infrastructure will be most conducive to revitalizing the economy, promoting innovation and enhancing competitive power.
They will do so while addressing the challenges of climate change.
This is critical to the growth of demand now and is the story of growth in the future.
I\'m Nicholas Stern. G.
Professor of Economics and Government at London School of Economics and Political Sciences
Chairman of the global economic and climate committee.