COP26 - IIPP busts myths to unlock climate action

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COP26 Events

Members of the IIPP team are speaking at a number of events as part of COP26. Details below.

• 28 October, 6-7:15pm (GMT) How Do We Pay for a Green New Deal? Online event. Watch the video here
• 2 November, 9am (GMT) Olga Mikheeva presenting on the ‘Economic Response Toward Coivd-19 Resilience’ panel. Online event. Watch the video here
• 3 November, 12:30pm (GMT) Cities at the Crossroads. Public event to launch the Council on Urban Initiatives. London.
• 4 November, 9-10:30am (GMT) Net Zero Cities of the Future. Zero Emissions Solutions Conference. Ryan Bellinson presenting on the ‘Net Zero Cities of the Future’ panel. Online event. Watch the video here
• 10 November, 10-11am (GMT) Public Development Banks & Green Finance for a Just Transition to Net Zero. Hosted by the Scottish National Investment Bank. Gallery 4, The Lighthouse, Glasgow and online. Register here to join online
• 10 November, 5:30-6:30pm (GMT) Getting Serious about the Green Economy: Social and Economic Tools to Achieve Bold Climate Targets, EU Pavilion (Blue Zone), Glasgow and online. Register here to join online  (as shown in above image)
• 11 November, 3:45-5pm (GMT) Adaptation and resilience in urban water: Convergence of water and sanitation and climate action, Water Pavilion Event featuring Gyorgi Galik. Find out more and join the talk here.

Solving the climate crisis and creating a more fair, just economy in the process is only achievable if governments act boldly. Markets can and must be shaped by the public sector in a sustainable direction, towards inclusive green economic growth. Investment is not neutral, and innovation can be tilted towards addressing societal-wide challenges such as climate change and biodiversity and ecosystems loss. 

COP26 is a springboard for action to avoid the climate crisis and foster a more equitable economy in the process. To achieve this sustainable future, new economic thinking is needed that can direct purpose-driven innovation, unlock alternative forms of investment and financial models and reimagine public value to help society accelerate the green transformation. 

Our policy and research projects - with partners ranging from the European Commission to London Borough of Camden - are highly impactful, aiming to shift the role of the public sector and purpose of innovation towards the direction of grand challenges like climate change. Through our work, we are scrutinising the economic and political myths that have stifled climate action and are experimenting with new theories alongside policymakers to reimagine tools and approaches for the green future.  

Challenging myths to solve the climate crisis’

To address and promote solutions that can solve climate change, biodiversity loss and ecological degradation, public and private organisations must collaborate in new ways and become more purpose-driven. Governments at all levels demand different tools and capabilities to co-create and co-shape green and sustainable markets. Through IIPP’s work, we take on the myths underpinning the notion that the problems of the fossil fuel economy of the past and present can be solved through market-fixing solutions and are developing frameworks for the zero carbon economy of tomorrow.

Public sector as co-creator of zero-carbon markets

Markets are an outcome of policy. Public sector actors can co-create and co-shape them for the public purpose of decarbonisation.

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Public sector investing patient long-term finance to accelerate green innovation

Stimulating green innovation demands patient long-term finance, investment private financial institutions are ill-suited to provide. Early-stage public investment can overcome short-termism and risk aversion to crowd in private actors. 

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Public sector welcoming uncertainty to accelerate climate action

The climate crisis will not be solved by using policy to de-risk activity in the private sector. Experimentation and taking risks for the green transition should be welcomed with the rewards shared. 

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Public sector tilting towards a green direction

Markets don’t just have a ‘rate’ of growth but also a ‘direction’. Policy should actively tilt the market towards a green orientation.

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Highlights

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• The EIB and the new EU missions framework
• Quantitative easing and nature loss
• The Green New Deal: A bold mission-oriented approach
• A case study of mission-oriented innovation in Greater Manchester
• A mission-oriented approach to clean growth
• Managing-nature-related financial risks: a precautionary policy approach for central banks and financial supervisors
• Climate-related financial policy in a world of radical uncertainty: Towards a precautionary approach 

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• Biscay Fiscal (Tax) Policy and the SDGs
• Greater Manchester’s climate mission
• Central banks and sustainability
• Camden Renewal Commission
• Mobilising Investment into Low Carbon Assets (MOBICA)

Thought leadership 

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• Saving the Climate in a Triple Crisis (The New Republic) by Mariana Mazzucato
• This must be a ‘1968 moment’ for sustainable development (Times Higher Education) by Martha McPherson and Kate Roll
• It’s 2023. Here’s how we fixed the global economy (TIME) by Mariana Mazzucato
• Avoiding a Climate Lockdown (Project Syndicate) by Mariana Mazzucato
• Central Banking’s Green Mission (Project Syndicate) by Mariana Mazzucato, Josh Ryan-Collins and Asker Voldsgaard
• We need a democratized Green Investment Bank for a just transition (Open Democracy) by Thomas Marois

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• Professor Mariana Mazzucato’s interview, “China under Trump: the green innovation race” (The Banker)
• Senior Research Fellow Ryan Bellinson’s discussion, “Climate change: How can cities help?” (TRT World)