The New Climate Economy global report examining the potential for economic growth that can tackle climate change.
The Global Commission on the Economy and Climate was established to examine the potential for lasting economic growth that also tackles the risk of climate change. This global report produced as part of the commission’s flagship project - The New Climate Economy - seeks to provide economic decision-makers, both in the public and private sectors, with the evidence and analysis they need to tackle both climate change, and more immediate concerns such as jobs, competitiveness and poverty.
The report opens with an introduction including theories and perspectives on growth and change. There follows eight chapters each dealing with different aspects and sectors involved: the strategic context of growth and climate change; cities; land use; energy; economics of change; finance; innovation; and international cooperation.
The report concludes that the capital for the necessary investments is available, and that the potential for innovation is vast. What is needed is strong political leadership and credible, consistent policies. To aid in the task of achieving this opportunity, the final chapter of the report recommends a 10-point Global Action Plan; the first six providing the conditions necessary for a strong and credible framework to promote low-carbon and climate-resilient investment and growth, and the final four providing opportunities that can drive future growth and lower climate risk in cities, land-use, and energy systems:
Enter into a strong, lasting and equitable international climate agreement.
Phase out subsidies for fossil fuels and agricultural inputs, and incentives for urban sprawl, and direct additional money toward those on low incomes.
Introduce strong, predictable carbon prices as part of good fiscal reform and good business practice.
Substantially reduce capital costs for low-carbon infrastructure investments, expanding access to institutional capital and lowering its costs for low-carbon assets.
Scale up innovation in key low-carbon and climate resilient technologies, tripling investment in clean energy research and development, and removing barriers.
Make connected and compact cities the preferred approach to urban development.
Stop deforestation of natural forests by 2030 by strengthening incentives in forest protection and increasing international funding to around $5 billion per year (linked to performance).
Restore at least 500 million hectares of lost or degraded forests and agricultural land by 2030. Phase out new unabated coal power generation in developed countries immediately, and in developing countries by 2025.