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G20 Summits • 2021 Rome Summit | Road to the 2021 Rome Summit
G20 Finance Ministers Meetings

PM Draghi's Address at the Leaders' Side Event on "The Role of the Private Sector in the Fight against Climate Change"

Rome, October 31, 2021
[video]

Dear colleagues,

The fight against climate change is the defining challenge of our times.

Either we act now, face the costs of the transition, and succeed in moving our economy onto a more sustainable path.

Or we delay acting, pay a much higher price later, and risk failing.

The latest United Nations Intergovernmental Panel on Climate Change report shows that we must carry out immediate, rapid, and sizable cuts to emissions to avoid disastrous consequences.

Some of us are asking why we move our goalpost from 2 degrees to 1.5 degrees. Why? Because science says so.

We must listen to the warnings coming from the global scientific community; tackle the climate crisis this decade; and honour the Paris Agreement and the 2030 Sustainable Development Agenda.

The shift to clean energy is key to achieving the necessary reductions in greenhouse gas emissions.

We can no longer postpone it.

This transition requires a significant effort, and Governments must be ready to support their citizens and businesses through it.

But it also offers opportunities to boost growth, create jobs and reduce inequalities.

Both the public and the private sectors must do their share.

Governments can set short- and long-term goals and ensure political, financial and regulatory stability. But they cannot do everything.

Private companies accelerate the uptake of clean technologies, foster innovation and promote large-scale production.

Public financing helps to attract green finance and reduce risks for private sector investments. 

Public-private partnerships bring the two together. 

We must support private-led initiatives that insert social and environmental priorities into their production models, such as His Royal Highness Prince Charles' initiative on sustainable markets.

Italy's G20 Presidency wants to boost economic growth and make it more sustainable.

We owe it to our citizens, our planet, and to future generations.

It is now my pleasure to leave the floor to His Royal Highness the Prince of Wales

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Source: Official website of the Italian Government