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Cooperating on CO2 cuts could boost GDP, employment

Climate Group BlairGlobal collaboration could help cut CO2 emissions while increasing both GDP and employment in all the major economies, according to a report presented today by former UK Prime Minister Tony Blair and The Climate Group, an international NGO.

“Cutting the cost: The economic benefits of collaborative climate action” was presented to United Nations Secretary-General Ban Ki-moon during the Climate Week NYC gathering taking place in New York City.

The report aims to give new confidence to world leaders attending tomorrow’s UN General Assembly meeting and the G20 in Pittsburgh later this week, and seeks to set the stage for international climate negotiations to take place this December in Copenhagen.

The new report builds on previous economic analyses by Lord Nicholas Stern and the Intergovernmental Panel on Climate Change (IPCC). For the first time, however, the new analysis shows that benefits of jobs and GDP growth will accrue to all countries, with carbon costs falling dramatically, when there is global participation.

The findings indicate that, under a global deal involving all countries, ambitious efforts to cut emissions can:

  • Create as many as 10 million new jobs in 2020;
  • Generate additional economic growth worth as much as the green stimulus packages recently adopted by     major governments; and
  • Enable a more than 15-fold reduction in carbon price (from $65 per tonne of CO2 to $4 per tonne of CO2).

The report also shows that adopting low-carbon technologies will accelerate sustainable development in developing countries.

“The enormous cost savings that can be achieved if countries act together are striking,” said Blair, founder of the “Breaking the Climate Deadlock” initiative. “Even ignoring the costs of climate change itself, the world can benefit economically from action to cut emissions. Forging and implementing a global deal will not be easy but world leaders can be confident that reaching a deal is both achievable and consistent with their measures to promote economic recovery. In fact, though of course an economic as well as political challenge, if crafted right, an ambitious global deal can create millions of new jobs and be a key part of this recovery.”

Steve Howard, CEO of The Climate Group, added, “A global climate deal with all countries on board will boost jobs and GDP growth in all major economies. Even a deal far more ambitious than any proposal currently tabled will drive net positive benefits for developed and developing countries alike. We also know that those countries first out of the starting blocks in the global low-carbon technology race will enjoy a competitive advantage. Countries whose leaders hold back low-carbon development will lose out economically.”

The economic costs of tackling climate change have long been a point of debate for academics, politicians and business leaders and have proved one of the major obstacles to more ambitious international action on climate change, explaining in large part the world’s failure so far to put itself decisively on a low-carbon development path.

Among those attending the Climate Week NYC gathering are lead climate negotiators from the US (Todd Stern), China (Minister Su Wei) and India (Minister Jairam Ramesh).

1 Comment

  • hsr0601
    Posted September 21, 2009 at 5:52 pm

    Amid a sharp decline in fossil fuels all over the world, the world-wide overpopulation growing consistently is using up tremendous fossil fuels at an alarming pace. Especially when the own conventional resources in some dense countries is facing drastic dent, it adds up explicitly.

    For that reason, it is widely accepted that the price of fossil fuels is expected to go up and up simply, which is behind major states taking a bold and speedy action in a bid to put the global economy on a sustainable and solid ground.

    Relying on worthless, painful and wasteful oil wars, namely, the original source of this great recession, to waste time bickering on meaningless things and drag feet on a defining energy bill are sure to shake the embryonic effect of stimulus package that is an interim measure for build-out of a new foundation.

    As with “Inaction” cost, $9trillion over the next decade in health care and social security, supposedly the same is of inaction on the most-needed energy bill. For the global economy to reign in the runaway price of fossil fuels, sustainable option will be indispensable.

    As the overall oil reserve in Middle East is on the decline more that known, the region blessed with affluent sun rays also needs to ready for a new groundwork, particularly in this context AEU is beginning to concentrate on future energy and Iranian EV is rolling out recently, the countries in the region will never stand still on the surge, that means no matter what the result is, the repetitious mistake at the cost of invaluable lives and gigantic spending will end up with a heartbreaking tragedy once again.

    Presently, this great recession is pitching us a serious lesson to make sure we build a bridge for future generations, otherwise, our generation, too, is falling off the cliff for certain. Here I’d say only science and innovation can meet this challenge, and the science enough to weather this storm is awaiting final assembly by way of innovation. And I think the world is eagerly looking forward to Americans’ participation, and if it were not for world-wide massive job creation, the world can not pull the economy out of the recession.

    Thankfully and interestingly enough, 100s of Companies (with $13 Trillion) Are Demanding Strong Climate Deal in Copenhagen, and the report by Blair and the Climate Group, a London-based nonprofit organization, found a climate-change accord among all countries would spur economic growth and create as many as 10 million jobs by 2020.

    Thank You !

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