Action towards ‘Climate Change’ Can Add At least $26 Trillion to World Economy

The report released by the global body states that the society is significantly undermining the benefits of cleaner, climate-smart growth under climate change initiative.

International initiative to examine economy and climate change, Global Commission on the Economy and Climate has asserted that a productive action towards addressing climate change can add USD 26 trillion to the world economy.

Addressing climate change, as mentioned by the global commission, would require joint efforts from nations and businesses by stepping up their engagement.

However, the report released by the global body states that the human kind is significantly undermining the benefits of cleaner, climate-smart growth.

Further, the Report finds that over the last decade there has been tremendous technological and market progress driving the shift to a new climate economy.

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

Considering the efforts by nations and global bodies, the momentum is building behind this shift by a wide range of cities, governments, businesses, investors and others around the world, but it is not yet fast enough.

“We are at a unique “use it or lose it” moment”, said Ngozi Okonjo-Iweala, former Finance Minister of Nigeria and Co-Chair of the Global Commission. “Policy makers should take their feet off the brakes, send a clear signal that the new growth story is here and that it comes with exciting economic and market opportunities. US$26 trillion and a more sustainable planet are on offer, if we act decisively now.”

“The momentum from businesses, states, cities, investors and citizens is now unstoppable, not least because those taking bold climate action are already seeing tangible benefits,” said Paul Polman, CEO, Unilever and Co-Chair of the Global Commission. “But if we are to unlock the full benefits of this new low carbon growth opportunity and avoid runaway climate change, economic and financial leaders in both government and the private sector need to do even more, and fast.”

Substantially, the report demonstrates that ambitious action across these systems could deliver net economic gains compared with business-as-usual.