Investing in climate for growthand development

Governments are at a pivotal point in addressing climate change. Over the past decade, climate action
has gained momentum and unlocked economic opportunities. Clean energy now attracts twice the
investment of fossil fuels, delivering affordable climate solutions, innovation, jobs, and growth. Many
countries have successfully decoupled emissions from economic growth.
However, current efforts are not keeping pace with rising risks. The world remains on an upwards
emissions trajectory, and climate action is losing momentum as countries face a range of competing
geopolitical, financial and economic challenges that slow its pace and scale. Without further action climaterisks will intensify, and rising disasters, economic instability and financial system vulnerabilities will threaten long-term growth and development.
Higher ambition and more effective implementation of climate action is needed to keep the Paris
Agreement’s goals within reach and secure prosperity of current and future generations. In 2025,
countries are due to put forward new climate plans Nationally Determined Contributions (NDCs), setting
out their efforts to reduce national emissions to 2035. This new cycle of NDCs provides a critical opportunity for the step-change needed to get the world on track to reach net zero and build resilience.
This OECD-UNDP analysis provides evidence that accelerating climate action through enhanced
NDCs is not only feasible it makes economic sense, driving growth, unlocking development dividends
and sparing losses from climate disasters. NDC cycles offer an opportunity to align climate goals with
development and investment strategies, strengthen partnerships, and mobilise both public and private
finance to deliver ambition.

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