A new report from top world economists shows how we can grow economies and combat climate change.

© The Global Commission on the Economy and Climate

9/19/2014 1:15:15 PM

Solving Climate Change Problem and Boosting Economies

Is it possible to tackle climate change and grow the economy at the same time? Thanks to rapid technological innovations and new investment in infrastructure, it is.

A new report released by a commission of global leaders, finds that governments and businesses can now improve economic growth and reduce their carbon emissions at the same time.

"Our report finds that combating climate change and moving the economy forward can be mutually beneficial," said Chad Holliday, report commissioner and Bank of America Board Chairman. "The new climate economy links progress with growth through returns on clean energy investments, green bonds, and other financial and economic innovations."

Better Growth, Better Climate lays out how countries across the world can reduce the risks of climate change and achieve high-quality, resilient, and inclusive economic growth.

The report sets out a detailed 10-point Global Action Plan of practical recommendations that can achieve greater prosperity and a safer climate at the same time. These measures will all lead to net benefits to the economy, even before their climate benefits are considered.

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.

"Climate change is an immense environmental and economic challenge. In contrast with the financial crisis, we have no 'climate bailout option'. Putting a price on carbon would be an indispensable first step towards a low-carbon economy. The New Climate Economy report explains how this and other key policies can help us meet our climate goals," said Angel GurrÌ_a, another commissioner and Secretary-General of Organisation for Economic Co-operation and Development (OECD).

Read more: Better Growth, Better Climate

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