I will begin by thank you President Biden for his leadership in taking this initiative. As Chancellor Merkel just said, it’s a complete change. Now we are confident that together we will win this challenge.
As we fight the pandemic in our countries, we cannot lose sight of the other crisis we face: tackling climate change.
In the Paris agreement, we pledged to limit global warming to 1.5 degree Celsius compared to pre-industrial levels.
But the actions we have taken since have proven insufficient.
Under current policies, we are set to achieve 3 degrees of global warming.
We need to reverse course, and do it soon.
The fiscal plans we are designing to help our countries recover from the Covid-19 offer a unique opportunity.
We can transform our economies and pursue a greener and more inclusive growth model.
In Europe, we launched a 750 billion euro joint plan – what we called the Next Generation EU.
One of its objectives is to support the environmental transition in Europe and make the EU carbon neutral by 2050.
Around 10% of it, roughly 70 billion euros, will go in investment in green infrastructure, circular economy and sustainable mobility in Italy only.
Italy is my own country, is a beautiful but fragile country.
The fight against climate change is a fight for our history and our landscapes.
We need to frame our efforts towards sustainability within an effective and inclusive multilateral approach.
Italy holds the Presidency of the G20 this year, and the safeguard of our planet is one of the main objectives of our program.
G20 countries account for 75% of global emissions. We have a special responsibility in ensuring we deliver on the objectives of the Paris Agreement.
The Italian Presidency has proposed to hold a joint Climate and Energy Ministerial Meeting.
A strong resolve by the G20 will also boost the chances for a successful COP26 Conference in Glasgow.
As the partner of the UK for COP26, Italy is committed to give its contribution, by hosting the pre-COP26 in Milan and the event “Youth4Climate”.
International climate finance plays an important role in achieving these objectives.
Italy has committed to use its shareholding in the Multilateral Development Banks to set high targets for climate finance and to ensure their activities are aligned with the Paris Agreement.
We look forward to hosting the second edition of the Finance in Common Summit of all Public Development Banks as part of our G20 Presidency.
We must also help the most vulnerable countries. Last December. Italy pledged 30 million euros to the United Nations Adaptation Fund.
The climate commitments we make in 2021 can determine our chances of tackling climate change effectively in the next decade and beyond.
We want to act now, not to regret it later.