Net zero push “will bring the greatest changes to the global economy in peacetime”


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The push to green the world economy will lead to the greatest economic transformation in peacetime and is possible while maintaining economic growth, one influential British economist will say.

Lord Nicholas Stern, chairman of the Grantham Research Institute on Climate Change, will say cleaner investments can fuel sustainable growth.

The economist is best known for his Treasury-sponsored review of the costs of climate change 15 years ago.

“This is not going to be a narrow horse race between economic growth and decarbonization,” Mr. Stern will say in a speech at the London School of Economics and Political Science on the anniversary of his review.

“The new and cleaner investments and innovations can promote sustainable, resilient and inclusive growth.

“This growth will be more resource-efficient, more productive and healthier and better protect our biodiversity.

“The new challenge is to encourage more innovation and creativity and to recognize and create the key mechanisms and dynamics of change.”

The Treasury Department released a report last week that it is more expensive to do nothing than invest in the fight against climate change.

The UK will face some falling road and fuel tax revenues as drivers switch to electric cars, but changes can be made to fill this gap.

Next week, world leaders will meet at Cop26 in Glasgow to discuss global efforts to combat climate change.

Mr. Stern will urge economists to better understand the effects of climate change on those who have to deal with the worst of them.

“Economists have grossly underestimated the lives of young people and future generations, who are most threatened by the devastating effects of climate change,” he will say.

“Science has become more and more worrying while technology has become more promising.

“Both should have exerted pressure between 2006 and 2019 to significantly reduce annual global emissions. Then why did they go up nearly 20 percent instead?

“While many industrialized countries have slightly reduced their annual emissions during this period, many emerging countries have increased their emissions.”

Updated: October 25, 2021, 11:01 pm

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