Do G20 Leaders need to put on their Own Emergency Oxygen Masks First? A Look at Germany’s G20 Presidency and Climate Policy

This article examines climate policy commitments under the German G20 presidency. It concludes that the fracturing of the G20 consensus on climate change resulted in two course changes—one positive and one negative. A ‘near-consensus’ was expressed in the Hamburg Climate and Energy Action Plan for Growth (CEAG). There the G19 maintained climate commitments, including a recognition of the role of sustainable infrastructure for inclusive low-carbon growth. On the negative side of the ledger, the absence of an ongoing mandate for the Financial Stability Board (FSB) to address the impact of climate change on the global financial system is cause for grave concern. To guard against a further fracturing of the consensus needed for structural reforms—such as carbon pricing—G19 leaders and finance ministers must engage citizens, particularly young citizens, on how best to integrate economic, social, and climate policy.