|Title||Paris climate goals ‘compatible with strong growth’|
|Date||2018-12-20 PM 5:54:10||Hit||17|
Cutting greenhouse gas emissions enough to limit global warming to 2°C would barely hinder economic growth, according to new research.
In a report modelling the costs of global climate action, the EU’s Joint Research Centre indicated that the world could meet a 2°C pathway while doubling the size of its economy between 2020 and 2050. It would be just 0.4% smaller by 2050 than is forecast under countries’ current climate pledges.
The researchers stress that “economic growth can be decoupled from greenhouse gas emissions”.
By stimulating additional investments needed to reduce emissions beyond the Nationally Determined Contributions so far pledged by national governments, a 2°C pathway would only reduce annual economic growth by 0.01% compared to the status quo, the report adds.
Ambitious climate action would also bring significant co-benefits by reducing the economic damage from air pollution and the effects of climate climate, the report notes, although its model does not take these benefits into account.
However, the structural shift from fossil fuels to clean energy would have uneven effects on different sectors and regions. Fossil fuel exporters such as Russia, North Africa and the Middle East would see the sharpest decrease in private consumption compared to the current pathway, while the EU and China would be among those least affected.
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