BROWN TO GREEN The G20 transition to a low-carbon economy | 2017 - Climate Transparency
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BROWN TO GREEN The G20 transition to a low-carbon economy | 2017
BROWN TO GREEN | 2017
AUTHORS AND ACKNOWLEDGEMENTS
This report was prepared by Swati Agarwal (The Energy and Resources Institute), Bridget Boulle (Climate Bonds Initiative),
Yann Briand (Institute for Sustainable Development and International Relations), Jan Burck (Germanwatch), Ipek Gençsü
(Overseas Development Institute), Sofia Gonzales-Zuñiga (NewClimate Institute), Markus Hagemann (NewClimate Institute),
Niklas Höhne (NewClimate Institute), Jiang Kejun (Energy Research Institute China), Gerd Leipold (HUMBOLDT-VIADRINA
Governance Platform), Karan Mangotra (The Energy and Resources Institute), Enrique Maurtua Konstantinidis (Fundación
Ambiente y Recursos Naturales), Andrew Marquard (Energy Research Center, University of Cape Town), Franziska Marten
(Germanwatch), Mia Moisio (NewClimate Institute), Keno Riechers (NewClimate Institute), Hannah Schindler (HUMBOLDT-
VIADRINA Governance Platform), Thomas Spencer (Institute for Sustainable Development and International Relations),
Fabby Tumiwa (Institute for Essential Service Reform), Thea Uhlich (Germanwatch), Jorge Villarreal (Iniciativa Climática
de México), Charlene Watson (Overseas Development Institute), Shelagh Whitley (Overseas Development Institute),
William Wills (CentroClima, Federal University of Rio de Janeiro). Responsibility for the report lies with the authors and
does not necessarily represent the opinions of their organizations.
We express our gratitude to the following contributors for their invaluable input and support: Cindy Baxter, Mona Freundt,
Joel Kenrick (European Climate Foundation), Rachel Chi Kiu Mok (World Bank), Takeshi Kuramochi (NewClimate Institute),
Alan David Lee (World Bank), Surabi Menon (ClimateWorks Foundation), Bert Metz (European Climate Foundation), Ragnhild
Pieper (European Climate Foundation), Chandra Shekhar Sinha (World Bank), Sandhya Srinivasan (World Bank), Caren Weeks,
Sebastian Wegner (HUMBOLDT-VIADRINA Governance Platform).
Suggested citation:
Climate Transparency 2017: BROWN TO GREEN: THE G20 TRANSITION TO A LOW-CARBON ECONOMY,
Climate Transparency, c/o Humboldt-Viadrina Governance Platform, Berlin, Germany, www.climate-transparency.org.
This report was made possible
through support of
Partners of Climate Transparency:
2
CONTENT
Authors and Acknowledgements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
FOREWORD Transparency and comparability are drivers for more
ambitious climate action . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
EXECUTIVE SUMMARY The G20 is decarbonising, but too slowly . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
INTRODUCTION Why the G20 countries must make a rapid transition
to low-carbon economies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
GREENHOUSE GAS EMISSIONS Still rising, but energy-related CO2 emissions have stalled . . . . . . . . . . . . . . . . . . . . . . . 19
CLIMATE POLICY PERFORMANCE High on policy development, low on ambition and implementation . . . . . . . . 20
FINANCING THE TRANSITION Green investments are increasing, but government actions
still favour brown over green infrastructure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
1. Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
2. Fiscal policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
3. Provision of international support . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
DECARBONISATION More “green,” still too much “brown” . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
ABOUT THIS REPORT
The Brown to Green Report 2017 by Climate Transparency provides a
comprehensive overview of the G20 countries, whether – and how well – they
are doing on the journey to transition to a low-carbon economy. It assesses the
main trends for the G20 in emissions, climate policy performance, finance, and
decarbonisation. The report summarises and compares the findings presented
in Climate Transparency’s country profiles for each G20 country (incl. the EU).
Findings are based on publicly available data by renowned institutions.
The country profiles and a technical note on data sources and methodology
can be downloaded on http://www.climate-transparency.org/g20-climate-
performance/g20report2017.
3
FOREWORD
TRANSPARENCY AND COMPARABILITY ARE DRIVERS FOR
MORE AMBITIOUS CLIMATE ACTION
Alvaro Umaña and Peter Eigen These experiences motivated and guided us, when we were
thinking about describing government climate action. Global
greenhouse gas emissions will need to peak in the near
When President Trump decided to pull the US out of the Paris
future, and be reduced to net zero soon after 2050 to meet
Agreement, his justification was that the agreement was “very
the well below 2°C or 1.5°C limit under the Paris Agreement.
unfair” to the US. The question of whether the Paris Agreement
Even a cursory look at the present government commitments
is fair and whether countries are delivering what is needed
shows that this limit will be far exceeded unless they step up
to meet the long-term objective is a hugely important one.
their ambition.
While most people and states agree about “holding the
increase in the global average temperature to well below 2°C” For this reason, we decided to bring together experts from
and “to pursue efforts to limit the temperature increase to around the world to produce an annual report of the G20
1.5°C,” a common understanding that burdens and benefits countries’ climate actions. For good reason, we call the
are shared fairly will be crucial for governments. report “Brown to Green”. The laudable efforts for more green
investments will only help the climate if they are coupled
The ability to compare what governments do with what is
with a drastic reduction in investments in “brown” fossil fuels.
required to meet the long-term objective is even more im-
portant, as the Paris Agreement has a bottom-up architecture, The G20 countries are well positioned to provide the needed
where countries independently define what their contributions leadership for this transition. They account for 85% of global
should be, depending on their national circumstances. GDP and 80% of worldwide CO2 emissions. According to
IRENA-IEA, these countries are also home to 98% of global
Our Brown to Green Report provides politicians, business
installed capacity of wind power, 97% of solar power and 93%
leaders, experts, media and civil society with the information
of electric vehicles.
with which they can easily compare G20 government climate
action, and whether their effort is sufficient to stay under the We rely on publicly available information, but, of course, we
well below 2°C/1.5°C limit. Our report is comprehensive, yet know that the choice of what information to use involves
concise enough that the non-expert and those with limited judgment calls. And the judgment of even the most
time gain a clear insight. scientifically minded expert can be influenced by national
and institutional perspectives. We are proud to say that our
When we founded Climate Transparency in 2014, we were
partnership has significantly grown over the last year and now
driven by our own personal experiences as Minister for
includes experts and institutions from Argentina, Brazil, China,
Environment in Costa Rica and as founder of Transparency
France, Germany, India, Indonesia, Mexico, South Africa and
International. As a minister, you have to deal with many policy
the UK. And we believe that the convergence of these global
challenges simultaneously and you therefore are reliant
perspectives together with a commitment to work according
on credible and precise information for making informed
to scientific standards leads to credible information.
decisions. Country comparisons are crucial to develop a
better understanding of what other countries in the region Article 13 of the Paris Agreement mandates an “enhanced
are doing and how Costa Rica could learn from them. transparency framework”. This transparency framework is crucial
to track the actions undertaken by countries as well as the
Transparency has been a powerful tool for civil society to
financial, technological and capacity-building support provided.
combat corruption. The yearly Corruption Perception Index
A global stocktake every five years will determine whether
of Transparency International – ranking countries according
national contributions add up to remain well below 2°C/1.5°C
to their perceived levels of corruption – has demonstrated
and is supposed to lead to strengthening the plans of countries.
that governments care about their reputation. Repeatedly,
governments have responded to Transparency International, Our Brown to Green report complements the UNFCCC
signalling they would be raising anti-corruption measures. transparency mechanism. It reports on countries’ progress
4
once a year – a shorter interval than the Paris Agreement • For the first time, the Brown to Green report sheds light
demands. In contrast to government technical reporting, it on the decarbonisation developments per sector in each
provides easily accessible and independent information for G20 country.
politicians, policy makers, civil society, media and non-climate
• We have strived to refer to the well below 2°C and aiming
experts that can stimulate the national debates to increase
for 1.5°C benchmark where possible. In some cases – for
ambition. By driving transparency, we support the building of
example the adequacy analysis of the Nationally Determined
trust and confidence among countries.
Contributions only measurements based on 2°C are
The German G20 Presidency has put climate change high on available. We are aware that these do not reflect the Paris
the agenda. And while President Trump withdraws from the Agreement goals and efforts have to go further, and we are
Paris Agreement, we can observe positive decarbonisation aiming to adjust our analysis accordingly next year.
developments in many countries, even the US.
• The finance section of the report has been extended, now
The Brown to Green Report 2017 is Climate Transparency’s also presenting information on green bonds, public finance
third report published on the eve of the G20 summit. We invested in fossil fuels, effective carbon prices and a more
are proud to present several changes to last year’s report detailed account of climate finance.
that improve our analysis on how well G20 countries are
We hope our transparent and comparable information can
transitioning towards a low-carbon economy:
be a powerful tool to stimulate a race to the top in climate
action.
Alvaro Umaña Peter Eigen
Former Minister of Environment and Energy of Costa Rica, Founder and Chair of the Advisory Council of Transparency
and former Ambassador of Costa Rica to the United Nations International, and Co-Founder of the HUMBOLDT-VIADRINA
Copenhagen Climate Change Conference Governance Platform
5
EXECUTIVE SUMMARY
THE G20 IS DECARBONISING,
BUT TOO SLOWLY
G20 countries account for 75% of global greenhouse gas economy creates jobs and fosters innovation. Moving away
emissions and about 82% of global energy-related CO2 from fossil fuels in energy production, transport and industry
emissions (2014).1 If present emission trends were to continue, would dramatically reduce air pollution and increase public
global temperatures would increase between 3 and 4°C.2 The health for billions of people.
consequences for the world would be dramatic. The G20 countries as a whole have made big efforts to reduce
Because they are the biggest contributors, the G20 their impact on climate. They have started the transition from
governments have a special responsibility to act on climate brown to green, but are in an early phase. Present efforts are
change, using their economic strength to lead the transition neither sufficient in speed – nor in depth – to keep global
to a low-carbon economy. warming to the limit set in the Paris Agreement: “holding the
The necessity to protect the climate is not simply a burden, increase in the global average temperature to well below
it coincides with other urgent needs and offers substantial 2°C” and “to pursue efforts to limit the temperature increase
benefits. The industrialised world’s ageing energy system to 1.5°C”.
needs massive investments, and many people without – or
with only limited access to energy – require more non-
polluting energy for a decent, healthier life. Moving from a
“brown” economy based on fossil fuels to a sustainable “green”
1) PRIMAP (2017), https://www.pik-potsdam.de/research/climate-impacts-and-vulnerabilities/research/rd2-flagship-projects/gia/primap/primap and IEA (2017): “CO2
Emissions from Fuel Combustion”, https://www.iea.org/statistics/relateddatabases/co2emissionsfromfuelcombustion/
2) Rogelj, J., den Elzen, M., Höhne, N., Fransen, T., Fekete, H., Winkler, H., Schaeffer, R., Sha, F., Riahi, K. & Meinshausen, M. (2016). “Paris Agreement climate proposals need a
boost to keep warming well below 2 °C”, Nature, 534(7609), 631–639, http://doi.org/10.1038/nature18307
6
EXECUTIVE SUMMARY
GREENHOUSE GAS (GHG) EMISSIONS DEVELOPMENT
STILL RISING, BUT ENERGY-RELATED CO2 EMISSIONS in 2014 for the first time and were kept almost constant also
HAVE STALLED in 2015 and 2016.5 This trend is confirmed by other estimates.6
To stay within the Paris Agreement limits, G20 emissions
The G20 countries’ greenhouse gas emissions3 grew by need to be drastically reduced – a peak needs to be reached
34% between 1990 and 2014.4 Yet, in the same period their by 2020 and CO2 emissions need to decline to net zero by
economies grew more, by nearly 117%, demonstrating that around 2050.7
G20 countries are using energy resources more efficiently
than in the past.
There are signs of an absolute decoupling of emissions and
economic growth (i.e. declining emissions with a growing According to the International Energy
economy) within the G20. According to the International Agency, global energy-related G20 CO
key2 emissions
G20key
stalled in 2014 for the first indicators
time and were
indicators
Energy Agency, global energy-related CO2 emissions stalled kept almost constant also in 2015
2014 and 2016.
inin2014
+7.1
+7.1%%
G20 key
indicators
in 2014
KEY INDICATORS ON THE G20 TRANSITION TO A LOW-CARBON ECONOMY +7.1 %
+1.3
+1.3%%
%%G20
G20annual
annualvariation
variation
120
120 -0.2
-0.2%%
+1.3
GDP
GDPPPP
PPP
GHG
GHG
%
100
100
% G20 annual variation
GDP
GDPPPP
PPP GHG
GHG Energy-
Energy-
120
80
80 GDP PPP
emissions
-0.2
emissions related
related
CO22%
CO
emissions
emissions
GHG
100
60
60 Energy-related
Energy-related GDP PPP GHG Energy-
CO22emissions
CO emissions emissions related
CO2
80 emissions
40
40
GHG GHG emissions
60 Energy-related
Energy-related
Energy-relatedCO
CO22 G20
G20key
key
20
20 CO 2 emissions
+3.5
+3.5%%
emissions
emissionsper
percapita
capita indicators
indicators
(1990-2014)
(1990-2014)
40 Carbon
Carbonintensity
intensity
00 of
ofthe
theenergy
energysector
sector
Energy-related CO2 G20 key
20
+3.5%
emissions per capita indicators
--20
20 Carbon
Carbonintensity
intensity (1990-2014)
of
ofthe
theeconomy
economy
Carbon intensity
0 Energy
Energy
of intensity
intensity
the energy sector
--40
40 of
ofthe
theeconomy
economy
- 20 1990
1990 1995
1995 2000
2000 2005
2005 2010
2010 2014
2014 Carbon intensity
of the economy
- 40
Energy intensity
of the economy
-27
-27%% -30
-30%%
Carbon
Carbon Energy
Energy Carbon
Carbon
1990 1995World Bank, 20172000 2005 2010 2014 intensity
intensity intensity
intensity intensity
intensity
Source: IEA, 2016; PRIMAP, 2017; ofofthe
the ofofthe
the ofofthe
the
economy
economy economy
economy energy
energy
-27 -30 % % sector
sector
Carbon Energy Carbon
intensity intensity intensity
of the of the of the
economy economy energy
3) Including Land Use, Land Use Change and Forestry (LULUCF) emissions If the climate objectives are sector
4) PRIMAP (2017), https://www.pik-potsdam.de/research/climate-impacts-and-vulnerabilities/research/rd2-flagship-projects/gia/ to be met, the carbon intensity
primap/primap has to reduce substantially.
5) IEA (2017): “IEA finds CO2 emissions flat for third straight year even as global economy grew in 2016”, https://www.iea.org/
newsroom/news/2017/march/iea-finds-co2-emissions-flat-for-third-straight-year-evenas-global-economy-grew.html
6) The Global Carbon Project (2017), http://www.globalcarbonproject.org and BP (2017), http://www.bp.com/en/global/corporate/
energy-economics/statistical-review-of-world-energy.html
7) Rogelj, J., Luderer, G., Pietzcker, R. C., Schaeffer, M., Krey, V., & Riahi, K. (2015): “Energy system transformations for limiting end-of-
century warming to below 1.5°C”, Nature Climate Change, 5, 519–527, http://doi.org/10.1038/NCLIMATE2572
7
BROWN TO GREEN | 2017
DECARBONISATION CLIMATE POLICY PERFORMANCE
GREENER, YET STILL TOO BROWN HIGH ON POLICY DEVELOPMENT, LOW ON AMBITION
G20 economies are becoming more efficient – both the AND IMPLEMENTATION
energy intensity and the carbon intensity of the economies are All G20 governments have put forward mitigation targets and
decreasing.8 As both energy consumption and the economy introduced national climate policies in different sectors. In
have grown, the higher efficiency has not been sufficient to most countries, policy frameworks are quite comprehensive.
lead to an overall reduction in greenhouse gas emissions. But 2020 targets and the initial Nationally Determined
The carbon intensity of the energy sector (CO2 /Total Primary Contributions filed with the Paris Agreement are insufficient
Energy Supply (TPES)) in the G20 has been slightly increasing to limit global warming to well below 2°C, let alone to the
between 1990 and 2014 as the growing energy demand 1.5°C target, as mandated in the Paris Agreement.
has been partly satisfied with coal. The needs of developing After the great success of the adoption and the fast entry
countries will require an increase of their total primary energy into force of the Paris Agreement, the real challenge is in
supply. If the climate objectives are to be met at the same implementing measures at home. This is reflected in the
time, the carbon intensity has to reduce substantially. During fact that experts from many G20 countries have ranked their
recent years, there has been a decreasing trend for more government’s performance in international policy processes
than half of the G20 countries (Argentina, Australia, the EU, (being constructive in the international climate negotiations)
France, Italy, Mexico, Republic of Korea, Russia, Turkey, the UK higher than their national climate policy performance,
and the United States). where they are criticised for their inadequate ambition
Renewable energy is on the rise, but coal and other fossil fuels and implementation. China, Brazil, France, Germany, India,
still dominate in the G20’s energy mix. Mexico and South Africa receive high scores for both their
national and international climate policy performance. After
the change in the US government, the US's national and
international policy performance has been rated down by
experts from high to very low.
8) See graph in Executive Summary
8
EXECUTIVE SUMMARY
FINANCING THE TRANSITION
G20 GOVERNMENTS CONTINUE TO SUBSTANTIALLY Fiscal policies
FINANCE BROWN INFRASTRUCTURE The G20 countries are not living up to their long-standing and
repeated commitment to phasing out fossil fuel subsidies.
Investments Based on data from the OECD and IEA, in 2014, G20 countries
Globally, total investment required in infrastructure over the provided over US$ 230 billion subsidies to coal, oil and gas.
next 15 years is estimated to be around US$ 80-90 trillion. More carbon pricing mechanisms have been introduced in
To make this investment compatible with a 2°C target initially recent years. However, carbon prices and effective carbon
requires a higher investment of about 5% which pays off over rates, which take into account various energy taxes and carbon
time.9 Countries need to scale up public and private financial pricing schemes remain too low in G20 countries to encourage a
flows, and to redirect flows from brown to green. substantial shift to a low-carbon economy.
G20 countries are attractive for renewable energy
investments, with notable differences between countries.
Provision of international support
Investment attractiveness is particularly high in China, France,
Germany and the UK. Green bonds, while still only a small part Key to building trust and faith in the UNFCCC negotiations
of the G20 debt market, have shown strong growth rates in between developed and developing nations is the provision
recent years, particularly in China. of international climate finance. The G20 countries with
obligations under the UNFCCC include some of the biggest
Global capacity for renewable energy production has
contributors of international public finance to developing
increased faster than ever in 2016, and thanks to significant
countries. Japan, France, Germany, UK and the US each
price drops lower investments were needed than in the
provided between US$ 8.4 billion and US$ 1.2 billion per
previous year.10 Overall more green capacity was added than
year in 2013-2014 amounting to between 0.2 and 0.02% of
brown.
GDP. Australia, Canada and Italy provided less climate finance
The emissions intensity of electricity production from during this period, both in absolute terms and relative to
capacity that was installed in 2016 indicates how green or GDP. President Trump has announced the US will cease its
brown recent investments have been. For G20 countries that funding altogether.
mainly installed renewables or other low-carbon sources,
the average emissions intensity of new investments in the
power sector ranges between 0 to 0.2 tCO2/MWh, e.g. in Italy,
France, Germany, and the US. Australia and South Africa also
had a low emissions intensity in 2016, but added significant
coal capacity in the years prior to 2016. Countries with a high
share of new capacity from emissions-intensive coal (often
alongside investments in renewables) are in the order of 0.5
to 0.8 tCO2/MWh, such as China, India, Korea and Indonesia.
Saudi Arabia has an equally high emissions intensity with
added oil and gas capacity.
Public institutions are lagging behind: G20 countries’ public
finance institutions, such as national and international
development banks, majority state-owned banks and export
credit agencies, spent over US$ 88 billion on average annually
on coal, oil and gas projects between 2013 and 2014.11 Among
G20 countries, the highest levels of public finance for fossil fuels
come from Japan and China, who provided about US$ 19 billion
and US$ 17 billion a year between 2013 and 2014, respectively.
9) Bhattacharya, A., Meltzer, JP., Oppenheim, J., Qureshi, Z. & Stern, N. (2016): “Delivering on sustainable infrastructure for better development and better climate. Brookings
Institution”, https://www.brookings.edu/wp-content/uploads/2016/12/global_122316_delivering-on-sustainable-infrastructure.pdf
10) Frankfurt School-UNEP Centre/BNEF (2017), “Global Trends in Renewable Energy Investment 2017”, http://fs-unep-centre.org/publications/global-trends-renewable-
energy-investment-2017
11) Bast, E., Doukas, A., Pickard, S., van der Burg, L., Whitley, S. (2015): “Empty Promises. G20 Subsidies to Oil, Gas and Coal Production.”, https://www.odi.org/sites/odi.org.uk/
files/odi-assets/publications-opinion-files/9958.pdf 9
BROWN TO GREEN | 2017
COUNTRY OVERVIEW 12
ARGENTINA BRAZIL
Argentina’s performance rates medium in the category of Brazil heads the G20 rating on performance of greenhouse
greenhouse gas emissions per capita and low in the category gas emissions per capita, taking into account the trend and
of energy use per capita compared to other G20 countries. level, also in relation to a "well below 2°C" benchmark. Brazil’s
The share of renewables in Argentina’s energy supply is above performance in energy use per capita rates medium. Its share
G20 average, with an upward trend in absolute renewable of renewable energy is by far the highest in the G20 (38%).
energy supply. Investment attractiveness for renewable Brazil’s investment attractiveness for renewable energy is in
energy is in the middle range of the G20. the middle field of the G20. Economic recession and political
After a long period of virtually no climate policy activity, and instability have led to a sharp decline in energy demand
causing the A-3 wind and solar auction in December 2016 to
an election, Argentina is now catching up. A discussion on
be cancelled. The end of financing of oil and coal-fired power
the long-term strategy has started, as Argentina remains one
plants by the Brazilian Development Bank (BNDES) will have
of the few G20 countries without a national climate strategy
an effect on future investments.
beyond its NDC. A new renewable energy law, two successful,
large-scale renewable energy tender rounds in 2016, coupled National experts rate Brazil’s policy performance high: while
acknowledging developments in renewable energy and the
with a gradual phase-out of fossil fuel consumption subsidies,
forest sector, they demand more ambitious emissions and
show a fresh commitment to clean technologies.
efficiency targets. A plan for phasing out fossil fuel subsidies
Argentina has been heavily investing in the exploration and and an effective carbon price signal are still missing. Brazil’s
development of new reserves of oil and gas in recent years. It fossil fuel subsidies amounted to US$ 27 billion in 2014 (one
separately provides financing through its public institutions, of the highest levels of support in the G20). Financing of fossil
which spent, on average, US$ 2 billion on fossil fuels a year fuel projects through public institutions was, on average, US$
between 2013 and 2014. Argentina‘s experts continue to rate 3 billion a year in 2013 and 2014.
their country’s policy performance in many sectors as low, and
have demanded more ambitious and sector-specific targets.
CANADA
Canada performs very low in the two categories of
AUSTRALIA greenhouse gas emissions and energy use per capita – it has
the highest greenhouse gas emissions per capita and the
Australia’s performance in the greenhouse gas emissions highest energy use per capita in the G20. While hydropower
per capita category rates medium. Its performance for all dominates its power sector, Canada has the G20’s second-
other decarbonisation indicators is low – or even very low. highest rate of new wind energy installations.
Australia has the fifth highest share of coal in energy supply Experts rate the climate policy performance of Canada’s
in the G20, and it continues to subsidise the production and government medium. They give credit to their government for
consumption of fossil fuels. Yet, its investment attractiveness developing the Pan-Canadian Framework on Climate Change
for renewable energy ranks in the higher middle range. In and Clean Growth that sends a signal for a strengthened
2016, Australia’s investments in renewables reached record climate policy.
numbers. Although Canada has cut some subsidies to exploration, it
Experts rate Australia’s climate policy performance very continues to subsidise the production and consumption of
low. They acknowledge Australia’s progress in developing fossil fuels. In addition, Canadian public finance institutions
enhanced renewable energy schemes and energy efficiency provided, on average, about US$ 3 billion a year for fossil fuels
programs, particularly in the residential building sector, but between 2013 and 2014. While official OECD estimates only
criticise the government’s overall lack of ambition in climate report US$ 114 million of subsidies in 2014, other research
policies and its continued support for coal. finds that subsidies to coal, oil and gas production, including
through public finance institutions, total US$ 1.6 billion.13
Australia provides less than 0.01% of GDP on international
climate finance – it ranks fifth of the eight G20 countries Canada's provision of international climate finance is lower
obliged to provide climate finance. than 0.01% of its GDP, ranking second-last within the G20
countries obliged to provide climate finance under the
The Australian climate policy has been characterised by
significant uncertainties during recent years. The government UNFCCC.
abolished the Australian carbon price mechanism in 2014.
12) The country overview summarises the main findings of the report. Its main sources are Allianz Climate and Energy Monitor (2017), CAT (2017), CCPI (2017), Climate Bonds
Initiative (2017), OECD (2017), OCI & NRDC (2017) and RECAI (2017).
13) Touchette and Whitley (2015), “G20 subsidies to oil, gas and coal production: Canada”, https://www.odi.org/publications/10091-g20-subsidies-oil-gas-coal-production-canada
10EXECUTIVE SUMMARY
European Commission has repeatedly asked Member States
CHINA to phase out fossil fuel subsidies by 2020, and they have
committed to developing plans to do so. The EU has also
China’s performance rates low in the categories of greenhouse
committed to remove subsidies to hard coal mining by
gas emissions per capita, energy intensity of the economy,
2018. However, the EU has not established a mechanism for
carbon intensity of the energy sector, energy use per capita
tracking progress on these pledges.
and share of coal in energy supply.
Yet experts rate its current policy performance high compared
to other G20 countries. On an international level, China has FRANCE
assumed a strong leadership role. National experts stress
France’s performance in the greenhouse gas emissions per
China’s rapid expansion of renewable energy and the
capita category is very high. It has the third lowest level of
possibility of CO2 emissions peaking before 2030, earlier than
emissions per capita in the G20, with a decreasing trend
planned. The country is swiftly decommissioning coal power
during recent years. The country performs high in the
plants and aims to increase its renewable energy capacity by
category energy use per capita.
38% above 2015 levels by 2020. China‘s coal use started to
Experts give France a high score for its policy performance.
decline from 2014, and it is believed this trend will continue.
They expect President Macron to uphold the targets set
China has the highest subsidies for electric cars within the G20.
by the previous administration. France is one of the few
China rates as having one of the G20’s highest levels of G20 countries that has submitted a long-term emissions-
investment attractiveness for renewable energy. The first development strategy to the UNFCCC, and has a national
Chinese green bonds were issued in late 2015, but substantial strategy for near-zero energy buildings (as part of EU policies).
growth has since made China 2016’s largest single green France is one of the G20 countries that is highly attractive to
bond issuing country. renewable energy investment. It aims for a decarbonisation
However, Chinese public finance institutions spent US$ 16 of its electricity sector by 2050, although its renewable energy
billion – the second highest amount in the G20 – on fossil fuel target remains relatively unambitious. France continues to
projects between 2013 and 2014. A change in fiscal policies is support fossil fuels, most notably through consumption
still needed: the Chinese government continues to subsidise its subsidies for diesel.
fossil fuel industry, including coal. Encouragingly, China plans France is a frontrunner in green finance: it has the highest
to implement a national Emissions Trading System in 2017, in market penetration of green bonds within the G20. In early
addition to the pilot ETS’s now running in several regions. China 2017, it issued its first green sovereign bond at EUR 7 billion.
reports increasing provision of international public finance to a France is also the G20’s second largest donor of bilateral
number of developing countries, although annual data on the climate finance relative to GDP.
scale or nature of such contribution is not available.
GERMANY
EUROPEAN UNION
Germany ranks relatively low in the indicator for the level of
The European Union rates high in the categories of green- greenhouse gas emissions per capita due to its high share
house gas emissions per capita and energy use per capita. of coal in energy supply.14 It has a medium score in the
Experts rate its climate policy performance medium. The EU energy use per capita category. Its absolute coal supply has
and many of its member states are currently failing to deliver increased in recent years by 11% (2009-2014). It continues
on their mitigation targets. According to experts, policies are to provide significant subsidies to coal and, while it plans to
not ambitious enough to stay well below the limit of 2°C or end subsidies to coal production by the end of 2018, it has
1.5°C warming. Nevertheless, the EU‘s role in the negotiations recently introduced new subsidies for coal-fired power.15
leading to the Paris Agreement and especially its reaction Germany’s public investment to fossil fuels was, on average,
to the US's exit from the accord indicates that the EU can about US$ 3 billion a year between 2013 and 2014.
assume a leadership role. Experts rate Germany’s policy performance high, but point to
The EU has been the largest issuer of green bonds (US$ 76 the need to improve its sectoral targets and to an adequate
billion) breaking new boundaries in 2017 through sovereign phase-out for coal. Germany is one of the few G20 countries
issuance, green bond funds and exchange-traded funds. that submitted a long-term low-emission development
Efforts are being made to provide greater price stability strategy to the UNFCCC and has a national strategy for near-
and predictability in the EU Emissions Trading System. The zero energy buildings (as part of EU policies).
14) Germany’s performance rates high in the overall category of greenhouse gas emissions per capita which is based on three indicators: 1) level of greenhouse gas emissions
per capita in 2014, 2) recent development of emissions between 2009-2014 and 3) the recent level compared to a well below 2°C pathway. From 2014 onwards there was
no positive emission trend.
15) Whitley et al. (2017): “Cutting Europe’s Lifelines to Coal”, https://www.odi.org/sites/odi.org.uk/files/resource-documents/11494.pdf
11BROWN TO GREEN | 2017
Investment attractiveness for renewable energy is very
high in Germany. It has the G20’s highest effective carbon ITALY
rate, but this is still too low to meet the Paris Agreement
goals. Germany provides the G20’s third largest amount of Italy’s performance in the categories of greenhouse emissions
per capita, and energy use per capita rates very high due to
international climate finance relative to GDP.
a reduction in emissions and energy use over recent years.
Italy’s share of renewable energy (15%) in energy supply is
INDIA above the G20 average.
Italy’s investment attractiveness for renewable energy ranks
India receives high ratings for its performance in the category
in the lower mid-range of G20 countries. Having already
of greenhouse gas emissions per capita, and very high ratings
surpassed its 2020 target for renewable energy, its future
in the category of energy use per capita. It has the G20’s lowest
pathway is unclear as its 2030 Energy Strategy is still under
levels of greenhouse gas emissions and energy use per capita.
preparation. There is no strategy on how Italy plans to
Despite a growth in renewable energy over recent years, implement competitive bidding for large-scale renewables as
coal is dominant in India’s primary energy supply above G20 set by the EU. Little new net renewable energy capacity has
average. Given the recent transitions in the power sector, India been installed since 2013.
is witnessing an opportunity to stop building any inefficient Following a stable period, the amount of support dedicated
coal power plants till 2022, and add massive renewable to fossil fuel consumption in Italy has also risen sharply since
based capacity of 175GW by the same year. Its investment 2012 – to more than US$ 4.6 billion in 2014.
attractiveness for renewable energy is relatively high. India This trend is also reflected in the expert rating of Italy’s
is the only country in the G20 that has announced to end climate policy performance: National experts criticise the
the sale of fossil fuel cars by 2030, thus out-performing the fact that the focus of energy policy is still mainly on fossil
G20 in the personal transport sector. However, it continues fuels. National and international climate policy continues to
to support consumption of diesel, LPG and kerosene, as well be uninspired, and lacks proactivity. Yet, Italy‘s performance
as production of oil, gas and coal, although the support for in hosting the G7 – and prioritising climate protection on the
coal has been decreasing. G7 agenda – was seen as a good first step.
Italy provides the G20’s lowest levels of international climate
INDONESIA finance relative to its GDP.
Indonesia’s performance rates medium in the category of
greenhouse gas emissions per capita, and very high in the JAPAN
category of energy use per capita – it has the G20’s second
Japan’s performance in the category of greenhouse emissions
lowest level of energy use per capita. Its share of renewables
per capita ranks very low. Its emissions are above the G20
in energy supply (8.5% in 2014) is above the G20 average.
average and have shown an increasing trend over the last
There is barely any growth in absolute renewable energy years. In contrast, it performs high in energy use per capita.
supply and absolute coal supply is increasing.
National experts rank Japan’s policy performance very
According to national experts, Indonesia has to improve low due to the reactivation of nuclear energy as the main
its forest protection policies: it has the G20’s highest alternative to fossil fuels, instead of sufficiently promoting
deforestation-related emissions. In addition, support renewable energy.
schemes for renewable energy in the electricity sector and Japan’s investment attractiveness for renewable energy
a carbon price signal have to be enhanced. In comparison to performs in the middle range of the G20. Japan has extended
other G20 countries, Indonesia’s investment attractiveness its feed-in tariff scheme for wind until 2019, further supporting
for renewable energy is rated low: 2016 saw a small increase the strong investments in the technology. Investments
in installed capacity of geothermal and solar PV. Indonesia’s in solar energy may be decreasing after the government
overall renewable energy capacity remains low. Indonesia switched from feed-in tariffs to auctions and a focus on
lags behind other G20 countries in installed wind and solar PV smaller rooftop projects. Japan has two subnational Emission
capacities, and in attracting major global renewable energy Trading Schemes as well as a national carbon tax - in place
businesses. since 2012.
Indonesia’s fossil fuel subsidies are one of the G20’s highest, Japan provides the G20’s highest amount of international climate
and and represented a substantial part of the government's finance relative to GDP – most of it as bilateral funding (including
budget in 2014. Since 2014, there has been progress in efficient coal technologies). However, Japan also spent the
phasing out fossil fuel subsidies partly due to fiscal pressures. highest amount of public finance on fossil fuels in the G20 –
On the other hand, Indonesia has plans to expand its coal an average of US$ 19 billion a year between 2013 and 2014.
plant construction.16 Moreover, the Japanese government provides subsidies to oil
16) CAT (2015): “The Coal Gap: planned coal-fired power plants inconsistent with 2°C and threaten achievements of INDCs, http://climateactiontracker.org/assets/
publications/briefing_papers/CAT_Coal_Gap_Briefing_COP21.pdf
12EXECUTIVE SUMMARY
and gas production, mainly to Japanese companies operating Mexico has recently improved its support policy for renewable
overseas. energy. Its investment attractiveness for renewables is in the
middle range of the G20 due to its low market absorption
KOREA, REP. capacity and general investment conditions. A carbon tax was
introduced in 2014, which applies to fossil fuels but exempts
The Republic of Korea performs very low in the category of natural gas. In 2016, it announced plans to establish a national
greenhouse gas emissions per capita and the category of carbon market in 2018, and expressed a strong interest in a
energy use per capita. Current levels of both categories are North American carbon market. However, it continues to
above the G20 average and too high compared to a well subsidise its oil and gas industry through tax breaks and
below 2°C benchmark. Its share of coal in energy supply is budgetary support. Although without obligation, it has made
about 36%, above G20 average. a voluntary contribution to the Green Climate Fund.
Experts rate its climate policy performance low. Yet, Korea’s
new president has announced greater efforts in reducing
greenhouse gas emissions and promoting renewable energy. RUSSIA
He has temporarily closed ten coal-fired plants.17 Russia performs comparatively low in the categories of
The Republic of Korea’s investment attractiveness for greenhouse gas emissions per capita and energy use per
renewable energy ranks in the G20’s lower middle field. Total capita. It has the fifth highest level of greenhouse gas
wind and solar PV capacity increased in 2016. Overall, levels emissions per capita in the G20.
of market capacity and maturity for renewables remain low, Experts rate Russia’s climate policy performance low. They
with a marginal share of renewables in the generation mix. criticise the fact that the focus of its national energy strategy
The Republic of Korea spent the third largest amount of public is still on fossil fuels and, while there are some approaches
finance in the G20 on fossil fuels – an average of US$ 10 billion to improve renewable energy and energy efficiency,
a year between 2013 and 2014. Separately, the government implementation is still slow.
subsidises fossil fuels, mainly through tax breaks for gasoline. The government provides significant subsidies to oil and
While the Republic of Korea planned to phase out subsidies gas producers, and has stalled plans to reduce consumption
to coal production by 2020, it has introduced new subsidies
subsidies by raising fuel prices. Separately, it provided an
for oil refineries.
average of US$ 7 billion a year of public finance for fossil fuel
While the Republic of Korea has no obligation to provide energy between 2013 and 2014.
climate finance under the UNFCCC, it reports US$ 0.19 billion
The investment attractiveness for renewable energy in
in support to other developing countries and has supported
the country is low with a negligible amount of installed
the Green Climate Fund (GCF) with pledges of US$ 100
renewables capacity.
million.
MEXICO SAUDI ARABIA
Saudi Arabia performs very low in the categories of
Mexico has a relatively high performance in the categories
greenhouse gas emissions and energy use per capita. It has
of greenhouse gas emissions per capita and energy use per
capita. Its share and growth rates of renewable energy re- the G20’s second highest energy use per capita.
main below the G20 average, despite significantly increasing Saudi Arabia’s climate policy performance assessed by
the amount of renewable energy capacity installed in 2016 national experts is rated very low. They stress that the
compared to previous years. government continues to rely on its oil reserves instead of
exploiting the high potential for renewable energy.
Mexico is one of the few G20 countries that has submitted
a long-term low-emissions development strategy to the Saudi Arabia’s investment attractiveness for renewable energy
UNFCCC. Unlike most G20 countries, it has no energy is very low and in 2016 no new renewable energy capacity
efficiency standards in the industry sector. Overall, Mexico was installed. Saudi Arabia recently announced it would seek
receives a positive policy performance rating from national to invest US$ 30-50 billion in renewables by 2030, but there
experts, but they criticise its mitigation strategy for 2050 for are doubts whether it can achieve these plans.18
not containing an implementation roadmap, and the fact Saudi Arabia provides the largest amount of fossil fuel
that it does not provide clear measures and actions of how to subsidies in the G20. Separately, it spent an average of US$
comply with the emission reduction targets set in its Climate 7 billion of public finance on fossil fuels a year between 2013
Change Law. and 2014 – the fourth highest amount in the G20.
17) Reuters (2017): “South Korea plans energy U-turn away from coal, nuclear”, http://www.reuters.com/article/us-southkorea-politics-energy-idUSKBN18V0EH
18) Saha, S. & Livingston, D. (2017): “Saudi Arabia’s Renewable Revolution”, https://www.foreignaffairs.com/articles/saudi-arabia/2017-06-06/saudi-arabias-renewables-revolution
13EXECUTIVE SUMMARY
The government has failed to deliver a policy framework
SOUTH AFRICA for renewables from 2017 onward; the UK Treasury expects
investment in renewables to fall by 96% by 2020. The
South Africa’s performance ranks medium in the category
continuation of several other important policies, including
of greenhouse gas emissions per capita. Its emissions per
zero carbon homes, also seems to be at risk.
capita have increased slightly since 2009. South Africa ranks
medium for its energy use per capita. The investment attractiveness for renewables in the UK is
high. Yet, this is expected to decline due to the recent rollback
Despite an increase in absolute renewable energy supply,
South Africa has the highest share of coal in the G20. on policies supporting renewable energy. The UK is one of
the few G20 countries with no renewable energy target
South Africa is one of the few G20 countries that has no
beyond 2020.
emissions performance standards for cars. Yet, national
experts rate South Africa’s policy performance as high, By reducing taxes and increasing subsidies to oil and gas
valuing the sectoral approaches for achieving its national production, the UK is the only G7 country that has sharply
targets, as well as its contribution to the international climate increased fossil fuel support in recent years. However, the UK
negotiations. South Africa aims to implement a carbon price, claims it has no fossil fuel subsidies, basing that claim on its
but its start date has been delayed. own definition.
South Africa’s investment attractiveness is ranked in the The UK provides the G20’s fourth highest level of international
middle range of the G20. Given the current unwillingness public climate finance relative to GDP, and the highest
of South Africa’s national utility Eskom to sign further Power amount through multilateral climate funds. Between 2013
Purchase Agreements, uncertainty among investors remains. and 2015, however, it has spent an average of about US$ 6
The government provides tax breaks for some liquid fuels billion a year of public finance on fossil fuels.
users, and subsidises some fossil fuel exploration and
production.
UNITED STATES
TURKEY The United States performs very low in the category of
greenhouse gas emissions and low in the category of
Turkey performs medium among G20 countries in the energy use per capita. It has the G20’s fourth highest level of
categories of greenhouse gas emissions and energy use per greenhouse gas emissions per capita and the highest level of
capita. It has the sixth highest share of coal in energy supply energy use per capita.
in the G20, with an increasing trend.
After the change in the federal government, national experts
Experts rank Turkey’s national climate policy and international have rated both the US' national and international climate
policy last and second to last in the G20. They criticise the policies down. The US now ranks at the bottom of the G20.
lack of Turkey’s energy efficiency targets and remark that the If all the Trump administration’s announcements and budget
funding of most of the climate protection projects comes
cuts continue being implemented, support schemes for
from international institutions rather than national budgets.
renewables would be reduced. The announced exit from the
The investment attractiveness for renewable energy in Turkey Paris Agreement is seen as an immense step backwards.
is very low. Turkey increased both its solar PV and wind
The investment attractiveness for renewable energy in the
capacity in 2016. Yet, recently the government provided
significant subsidies to fossil fuels, mainly to the coal industry, US is still high, but has been marked by a downward trend.
including through the state-owned coal company, which has There is uncertainty in the US about possible reductions in
created uncertainties about the future of renewables. Turkey the Investment Tax Credit and Production Tax Credit and after
plans a significant expansion of coal-fired power plants.19 the new US administration announced it will review – and
repeal – the Clean Power Plan. Such recent developments
add to existing federal tax breaks that subsidise various types
UK of offshore oil and gas production.
The UK performs very high in the categories of greenhouse The US spent an average of US$ 4 billion of public finance a
gas emissions and energy use per capita – both levels have year on fossil fuels between 2013 and 2014. Despite a decline
decreased during recent years. The UK has had one of the in coal-fired power, federal tax breaks support various types of
highest recent growth rates in absolute renewable energy offshore oil and gas production. Trump also threatens the US’s
supply, although its share of renewable energy in energy position as fourth highest provider of international bilateral
supply remains below G20 average. climate finance and the remaining US$ 2 billion of its Green
Experts rate the UK’s climate policy performance as low. Climate Fund Pledge.
19) CAT (2015): “The Coal Gap: planned coal-fired power plants inconsistent with 2°C and threaten achievements of INDCs, http://climateactiontracker.org/assets/
publications/briefing_papers/CAT_Coal_Gap_Briefing_COP21.pdf
14p
INTRODUCTION
WHY THE G20 COUNTRIES p MUST MAKEp A RAPID TRANSITION TO
LOW-CARBON
REENHOUSE GAS (GHG) CLIMATEECONOMIES
POLICY FINANCING DECARBONISATION
ISSIONS DEVELOPMENT PERFORMANCE THE TRANSITION
Keeping global warming “well below” 2°C requires an early Green report therefore describes the emissions development
peak in global greenhouse gas emissions around 2020, a in the G20 member states, and provides a comprehensive
subsequent rapid fall in emissions, net zero emissions in the overview on 1) their climate policy performance, 2) their
middle of the second half of the century, and net zero global provision of financing and advancing a financial framework for
CO2 emissions by roughly 2060. For limiting warming to 1.5°C, the transition and 3) their decarbonisation developments.
CO2 emissions have to be net zero by roughly 2050.20 This A country’s policy performance shows the actions taken by
requires major transformational changes, particularly of our its government. Policies influence finance flows: coherent
energy and transport systems. climate policies, well-aligned investment frameworks and
Greenhouse gas emissions are the cause of climate change, but green finance instruments are essential to steer investment
they have only limited predictive value in assessing whether a towards a low-emissions, resilient economy and determine
country is transitioning to a low-carbon economy. This Brown to the degree of decarbonisation.
CLIMATE POLICY FINANCING
PERFORMANCE p THE TRANSITION p DECARBONISATION
20) Rogelj et al. (2015), “Zero emission targets as long-term global goals for climate protection”, Environ. Res. Lett. 10 (2015) 105007 and Rogelj, J., Luderer, G., Pietzcker, R. C.,
Kriegler, E., Schaeffer, M., Krey, V., & Riahi, K. (2015): “Energy system transformations for limiting end-of-century warming to below 1.5 °C”, Nature Climate Change, 5(6),
519–527, https://doi.org/10.1038/nclimate2572
15GREENHOUSE GAS (GHG) EMISSIONS DEVELOPMENT
GREENHOUSE GAS EMISSIONS:
STILL RISING, BUT ENERGY-RELATED CO2 EMISSIONS
HAVE STALLED
Global greenhouse gas emissions need to reach zero in the In half the G20 member countries, greenhouse gas emissions
middle of the second half of this century. per capita are no longer increasing.
The G20 countries’ greenhouse gas emissions21 grew by Recently published numbers suggest that total global energy-
34% between 1990 and 2014.22 Yet, in the same period their related CO2 emissions have stalled for three consecutive years
economies grew more, by nearly 117%, demonstrating that (2014–2016).23
G20 countries are using energy resources more efficiently
than in the past.
21) Including LULUCF
22) PRIMAP (2017), https://www.pik-potsdam.de/research/climate-impacts-and-vulnerabilities/research/rd2-flagship-projects/gia/primap/primap
23) REN21, 2017: “Renewables 2017 Global Status Report”, http://www.ren21.net/gsr-2017/chapters/chapter_01/chapter_01/
16GREENHOUSE GAS (GHG) EMISSIONS DEVELOPMENT
GREENHOUSE GAS EMISSIONS PER CAPITA
Level 2014 (tCO2e/cap) +7.7% Trend: G20 average
25
Canada
Saudi Arabia
Australia
20
USA
Russia
15
Indonesia Korea, Rep. Japan
Argentina
10 Germany China
South
8.3
United Kingdom EU
Africa
Brazil tCO2e/cap
France Italy Mexico Turkey Level:
5
G20 average
India
0
-30% -20% -10% 0 10% 20% 30% Trend
2009-2014
(%)
Source: CCPI 2017; PRIMAP, 2017
17CLIMATE POLICY PERFORMANCE
HIGH ON POLICY DEVELOPMENT,
LOW ON AMBITION AND IMPLEMENTATION
An evaluation of the G20 climate policy performance – R Most G20 countries have climate policies in place in the
looking at policies, targets against benchmarks and expert power, transport, building, industry and forestry sectors;
opinions – reveals: R Yet, the majority of G20 country climate policies in different
sectors are not sufficiently ambitious to reach well below
2°C, let alone 1.5°C targets;
R The mitigation targets of G20 countries (2020 targets and
the first NDCs) are inadequate to limit global warming as
required by the Paris Agreement;
R Many of the G20 national experts have ranked their
country’s performance in international policy processes
(being constructive in the international climate
negotiations) higher than their national climate policy
performance at home, where they criticise inadequate
ambition and implementation.
18CLIMATE POLICY PERFORMANCE
G20 CLIMATE POLICY PERFORMANCE RATING
GHG emissions target for 2050
Efficient residential buildings
Efficient light duty vehicles
Renewable Energy (RISE)
Long-term low-emissions
Renewable energy in the
Expert evaluation
Energy Efficiency (RISE)
of climate policy
Reducing deforestation
NDC Evaluation (CAT)
development strategy
(CCPI 2017)
in industry sector
Energy efficiency
Coal phase-out
power sector
inter-
national national
Argentina 53 44
Australia 73 72
Brazil 67 51
Canada 87 85
China 74 69
European
Union (28) n.a. n.a.
France 81 76
Germany 90 77
India 67 60
Indonesia 55 34
Italy 85 72
Japan 78 68
Korea, Rep. 72 79
Mexico 61 70
Russian
Federation 33 50
Saudi Arabia 68 69
South Africa 72 83
Turkey 71 65
United
Kingdom 89 77
United States 85 88
Source: Own evaluation low performance very low low (Score: 0-33) inadequate
based on CAT, 2016; CCPI medium performance low medium (Score: 34-66) medium
2017 - G20 Edition; RISE high performance medium high (Score: 67-100) sufficient
index, 2017; CAT, 2017 high role model
19
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