DHAKA: The governments and businesses are better able to improve economic growth and reduce carbon emissions together.
Rapid technological innovation and new investment in infrastructure are making it possible today to tackle climate change at the same time as improving economic performance.
A report unveiled by a commission of global leaders said this on Tuesday.
Commenting on the publication, British High Commissioner to Bangladesh Robert W Gibson said, “This report is important for a country like Bangladesh aiming to reach middle income status. While it makes clear once again that early, global action is required to tackle climate change, the report shows that this does not have to be at the expense of economic growth.”
“Governments and businesses need to focus on both, and there are opportunities for us all to explore. The UK has been early to recognize this and is now among those leading the way in diversifying its energy sector and investing in low-carbon growth”, he added.
“The New Climate Economy report refutes the idea that we must choose between fighting climate change or growing the world’s economy. That is a false dilemma,” said former President of Mexico Felipe Calderón, Chair of the Global Commission on the Economy and Climate.
Mexico Felipe said, “The report sends a clear message to government and private sector leaders: we can improve the economy and tackle climate change at the same time.”
“The decisions we make now will determine the future of our economy and our climate,” said Lord Nicholas Stern, Co-Chair of the Global Commission.
“If we choose low-carbon investment we can generate strong, high-quality growth – not just in the future, but now. But if we continue down the high-carbon route, climate change will bring severe risks to long-term prosperity,” he opined.
The report finds that there are now major opportunities to achieve strong growth with lower emissions in three key sectors of the global economy – cities, land use and energy.
To achieve this, governments and businesses need to improve resource efficiency, invest in good-quality infrastructure, and stimulate technological and business innovation.
The report also finds that competitive markets and consistent government policy signals are essential for businesses and investors to create low-carbon jobs and growth.
“Major companies, smart investors and a new generation of entrepreneurs are already demonstrating how markets can drive low-carbon growth,” said Jeremy Oppenheim, Global programme Director of the New Climate Economy project.
“But inconsistent policy in many countries is now creating uncertainty, hurting investment and job creation. Businesses and investors need clearer market signals.”
The Commission calculates that if fully implemented its recommendations could potentially achieve up to 90% of the emissions reductions needed by 2030 to avoid dangerous climate change.
This would require decisive and early action by economic decision-makers. Over the next 6 months the Commission will discuss the report with economic decision-makers across the world. It aims to stimulate stronger action by governments and businesses to drive growth and emissions reductions together.
Commission Chair Felipe Calderon said, “The message to leaders is clear. We don’t have to choose between economic growth and a safe climate. We can have both. We can choose better growth and a better climate.”
The Global Commission on the Economy and Climate comprises 24 leaders from government, business, finance and economics in 19 countries. A year-long study has been conducted by leading research institutes from China, India, the US, Brazil, Korea, Europe and Africa, advised by a panel of world-leading economists chaired by Lord Nicholas Stern.
BDST: 1810 HRS, SEP 16, 2014
