Funding from groups like the GEF and the World Bank can be leveraged to put in place effective decarbonization programs, but to have a real transformation toward low-carbon growth, funding has to come from the private sector, he argued.
The private sector makes up 75 percent of GDP in the United States and around 60 percent globally, said Sukhdev. He recommended shifting corporations' behavior with policies that promote accountable advertising, resource taxation and measures for corporations to disclose the real costs of their actions beyond dollars and cents.
"If today's private sector is pushing the economy in the direction toward resource use ... we want to get our hands around the need to change the way the private sector is incentivized and operates," he said.
"What the world needs is not more money, but money spent better," he added.
Reprinted from Climatewire with permission from Environment & Energy Publishing, LLC. www.eenews.net, 202-628-6500