The Global Commission on the Economy and Climate released a major report on the 7th July 2015 outlining key economic opportunities that governments and businesses can exploit in order to tackle the risks associated with global climate change.

The New Climate Economy report, assembled by experts and academics, illustrates the ways in which the remainder of the necessary reductions in carbon can be accomplished. The need for multi-stakeholder partnerships is especially emphasised in order to promote growth whilst simultaneously reducing greenhouse gas emissions. The authors suggest that these partnerships should not be limited to national governments, but also embrace businesses, investors, states, regions, cities and communities. Diplomats’ convening power can significantly facilitate this process.

The role of cities and international city networks such as the Compact of Mayors is one key in this regard. “The New Climate Economy report highlights how strong action on climate change makes sound economic sense. Cities know from experience that cutting pollution can attract jobs and spur economic growth—the Compact of Mayors is helping them do that—and investors know that clean energy presents a major economic opportunity. The more that all levels of government can remove barriers to the clean energy market the more progress we'll be able to make in the battle against climate change," says Michael R. Bloomberg, UN Special Envoy for Cities and Climate Change, founder of Bloomberg LP, and former Mayor of New York City.

10 central actions are listed in the report, which, according to the authors, would achieve between nearly two-thirds and 96% of the emissions required to avoid surpassing the 2 °C mark which governments have agreed not to exceed. These recommendations include actions taken at the local level, investments made in clean and efficient energy networks, the tackling of greenhouse gas emissions and an end to deforestation by the year 2030.