Promoting global governance, facilitating access to financing and enhancing trade incentives are the three priority areas for actions by the international community in support of a Global Green New Deal. Without these actions, the effectiveness of the GGND may be severely constrained.

The GGND strategy outlined in this book recommends an expanded global policy role for the twenty rich and emerging economies that comprise the G20 forum. This recommendation is consistent with the strategy outlined in part II, that the G20 economies should spend at least 1 percent of their GDP over the next several years on reducing carbon dependency, including improving the sustainability of transport. The total amount spent would amount to about one-quarter of the nearly US$3 trillion in G20 stimulus investments to date (see box 1.1). If the G20 economies coordinated the timing and implementation of these investments globally, the overall impact on moving the world economy to a low-carbon recovery path would be boosted. Another way in which concerted policy action by the G20 could signal its commitment to greening the global economic recovery would be if the G20 also instigated pricing and regulatory reforms for reducing carbon dependency, including the removal of perverse subsidies and other distortions in energy, transport and similar markets. In addition, all G20 economies should agree to adopt carbon pricing policies, such as cap-and-trade or carbon taxes, to assist the transition of their economies to a low-carbon growth path.