September 6, 2018 Read More →

Study: Clean energy shift promises global growth

Reuters:

Strong action to combat climate change could cumulatively add at least $26 trillion to the world economy by 2030, according to a study on Wednesday which seeks to dispel fears that a shift from fossil fuels will undermine growth.

President Donald Trump, for instance, said last year that he will pull the United States out of a global climate pact called the Paris Agreement because it would impose what he called “draconian financial and economic burdens” on his country.

By contrast, the Global Commission on the Economy and Climate, which includes former heads of government, business leaders and economists, said there was “unprecedented momentum” toward greener growth that would boost jobs and countries’ economies. Bold climate action could deliver at least $26 trillion in net cumulative benefits from now until 2030 compared with business as usual, it said.

“There’s still a perception that moving toward a low-carbon path would be costly,” lead author Helen Mountford told Reuters. “What we are trying to do with this report is once and for all put the nails in the coffin on that idea.”

A shift from fossil fuels to cleaner energies such as wind and solar power would avoid 700,000 premature deaths from air pollution in 2030, it added. The report recommended high prices on carbon dioxide emissions of $40-$80 per tonne by 2020 in major economies.

More: Greener growth could add $26 trillion to world economy by 2030: study

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