Actions to combat climate change could add $26 trillion to world economy by 2030: study

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A study by the Global Commission on the Economy and Climate has revealed that strong actions to combat climate change could add as much as $26 trillion to the world economy by the year 2030. This study allays fears that a move toward greener options could compromise the economic growth of various nations.

climate change

The commission comprises various business leaders, heads of governments, and economists from various countries. It noted that this shift towards green growth will help improve the economies of various countries and increase jobs in the wind and solar power industries.

This study was conducted mainly to highlight the economic opportunities associated with the shift towards clean energy and identify ways to combat climate change. The study also revealed that a move away from fossil fuels would prevent nearly 7 lakh premature deaths caused due to air pollution by 2030.

Among the economic opportunities identified by the study, job growth is considered to be the main factor with an estimated 65 million jobs expected to be generated in the renewable energy industry by the year 2030. The study noted that this is equivalent to the combined workforces of Britain and Egypt.

The report also recommended that governments could earn additional revenues by imposing higher prices for carbon emissions to the tune of $40 to $80 per ton. Governments could also implement subsidy reforms for the incorporation of clean energy. Through this way, it could be possible for governments across the world to generate up to $2.8 trillion per year by 2030.

Recently, the President of the United States, Donald Trump, announced the country’s withdrawal from the Paris Agreement citing various financial and economic burdens on the country. Trump also noted that the implementation of the Paris Agreement could result in 2.7 million job losses in the coal industry by the year 2025.

The report contradicted his claims stating that any job losses witnessed in the fossil fuels industry will be offset by the new ones created in the clean energy sector and construction industry. The report also warned that the world is not making fast enough progress when it comes to combating climate change.

Source: Reuters

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