A new report by the Global Commission on the Economy and Climate is well worth reading. Entitled "Better Growth, Better Climate," its bottom-line conclusion is a powerful and compelling one:: "Investments to help fight climate change can also spur economic growth, rather than slow it as widely feared, but time is running short for a trillion-dollar shift to transform cities and energy use." A few more key points are:
- The next 15 years are crucial - and require urgent action - for transforming the world's energy system in order to head off disastrous global warming. These 15 years "could be an era of great progress and growth."
- "We have the technological, financial and human resources to raise living standards across the world." Now we just need good policies to make that happen.
- "US$45 trillion will be required in 2015–2030 for key categories of energy infrastructure. How that money is spent is critically important: it can help build robust, flexible energy systems that will serve countries well for decades to come, or it can lock in an energy infrastructure that exposes countries to future market volatility, air pollution, and other environmental and social stresses."
- "Much of the needed investment in low-carbon infrastructure can be handled through existing structures and mechanisms, with the help of effective policy, regulation and market signals. But for some investments – most notably a low-carbon transition in the power sector – creating efficient finance structures and attracting finance is more challenging and may require dedicated policy."
- Among the key recommendations are things we've been advocating for years: "Phase out subsidies for fossil fuels;" "Scale up innovation in key low-carbon and climate-resilient technologies and remove barriers to entrepreneurship and creativity;" and "aim for a global phase-out of unabated fossil fuel power generation by 2050."
Given the plummeting cost of clean, renewable energy, these goals are now more doable than ever. The big question is: how long fossil fuel industries will keep national and state-level governments in their grip, slowing and otherwise impeding progress towards the vision laid out in this excellent new report?