This article was originally published at World Resources Institute (WRI)
Written by Helen Mountford, Director of Economics at WRI, and Andrew Steer, President and CEO of WRI, who is also one of the speakers at the Global Landscapes Forum
How should politicians prioritize between robust economic growth and solving the problem of climate change?
A new report reveals an encouraging answer: There’s no need to choose.
The world is set to invest $90 trillion in cities, land use, and energy systems between now and 2030. This investment can continue supporting emissions-intensive infrastructure like coal plants and roadways, or it can finance greener options like renewable energy and safe, affordable public transit. A new report, Better Growth, Better Climate, finds that low-carbon investments – if done right – could cost about the same as conventional infrastructure, but would deliver significantly greater economic, social, and environmental benefits in the long-run.
Prime Time for Low-Carbon Growth
The report was produced by the Global Commission on the Economy and Climate, made up eminent economic leaders—including former Presidents and Finance Ministers—CEOs of multinational companies, and heads of leading economic organizations. It shows that the world now faces an unprecedented opportunity for low-carbon growth.
Consider the following:
- Some countries, cities, and companies are already cost-effectively decreasing their emissions, demonstrating the way forward.
- The cost of solar technology has halved since 2010, and renewables are increasingly cost-competitive with fossil fuels in a range of countries.
- There’s increasing evidence of the policies that can deliver growth and emissions reductions. For example, 40 countries and 20 sub-national regions now have carbon-pricing schemes in place, and another 26 are actively considering them.
At the same time, emerging evidence shows that global warming may be progressing even faster than previously believed, with the window to avoid dangerous climate change rapidly closing. Communities worldwide are also increasingly realizing the costs of a high-carbon lifestyle. Roughly 7 million people die of air pollution every year. In the 15 countries with the highest greenhouse gas emissions, the health impacts of poor air quality are valued at about 4 percent of GDP—about 10 percent in smog-heavy China. Many of the measures that can help tackle climate change will also reduce air pollution, bringing health benefits to many.
In short, we face both unprecedented hazards and unprecedented opportunity.
Benefits for Cities, Landscapes, and Energy Systems
Cities, land use, and energy have perhaps the greatest potential for economic growth over the next 15 years. Yet they also represent the world’s largest sources of greenhouse gas emissions.
Our analysis finds that the drivers of growth in these sectors – namely efficiency, innovation, and infrastructure investments– can also drive emissions reductions.
The numbers speak for themselves:
Land Use
- One-quarter: Share of agricultural lands that are currently degraded and less productive than they could be. Restoring just 12 percent of these (150 million hectares) into productivity could feed 200 million people by 2030, raise $36 million annually in farm incomes, strengthen climate resilience, and reduce emissions.
- $170 billion: Net benefits from watershed protection, improved crop yields, and forest products that could be realized each year by starting the restoration of 350 million hectares of lost or degraded forests. This restoration could also sequester 1-3 billion tonnes of CO2e per year.
- $200 billion: Amount developed countries could save each year by 2030 by reducing food waste, which would also reduce emissions…
Read the full article at World Resources Institute
