Asia stands to reap large economic rewards with investment into smart-climate practices, according to the World Bank and the ClimateWorks Foundation.
In a new report, “Climate-Smart Development: Adding Up the Benefits of Actions that Help Build Prosperity, End Poverty and Combat Climate Change,” analysts assessed the potential economic, environmental and health impacts of three government policies across six world regions.
“Climate inaction inflicts costs that escalate every day,” said Rachel Kyte, World Bank Group vice president and special envoy for climate change. “This study makes the case for actions that save lives, create jobs, grow economies and, at the same time, slow the rate of climate change.”
Using recent emissions modeling tools and an integrated macroeconomic model, the report quantifies holistically the benefits of climate change policies in terms of economic and productivity gains. It focuses on three scenarios – clean transportation, energy efficient industry and energy efficient buildings.
Together, these three policies could raise global gross domestic product by US$1.8 to US$2.6 trillion per year by 2030, prevent 94,000 premature deaths from pollution, reduce carbon dioxide emissions by 8.5 billion metric tons and save almost 16 billion kilowatt-hours of energy, equivalent to removing 2 billion cars from the road, all at the same time.