Action on Climate Change could add $26 Trillion to World Economy — Study

Ambitious action on climate change could contribute an extra $26 trillion to the world economy by 2030, international experts say, urging nations and businesses to step up their engagement.

The economic benefits offered by a shift to a low-carbon economy have been “grossly” underestimated, according to the Global Commission on the Economy and Climate, a think tank grouping former heads of government and top economic and business leaders.

“Bold action could yield a direct economic gain of $26 trillion through to 2030 compared with business-as-usual. And this is likely to be a conservative estimate,” the commission’s annual report found.

Dynamic action on climate could also generate “over 65 million new low-carbon jobs” by 2030 and avoid over 700,000 premature deaths due to air pollution, it said.

But policymakers were “not taking sufficiently bold action to escape the legacy economic systems,” the study found, warning that the window for change was narrow.

“We are at a unique ‘use it or lose it’ moment. Policymakers should take their foot off the brakes and send a clear signal that the new growth is here,” said the commission’s co-chair Ngozi Okonjo-Iweala, Nigeria’s former finance minister.

“There are real benefits to be seen in terms of new jobs, economic savings, competitiveness and market opportunities, and improved wellbeing for people worldwide.”

Such growth would be driven by the interaction between rapid technological innovation, increased resource productivity and investment in sustainable infrastructure, which is expected to reach $90 trillion by 2030, it said.

The shift would involve a change in five key areas: the development of clean energy systems, improved urban planning, a shift towards more sustainable agriculture, smart water management, and decarbonizing industry.

Source: Inquirer.net

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