The global economy would save $26 trillion (€22.4 trillion/CHF25.2 trillion) in the next 12 years if everyone switched to sustainable living, according to the 2018 report of the Global Commission on the Economy and Climate.
“The growth story of the 21st century can unlock unprecedented opportunities of a strong, sustainable, inclusive economy,” the report states. “The benefits of climate action are greater than ever before, while the costs of inaction continue to mount. It is time for a decisive shift to a new climate economy.”
The report outlines how sustainable business practices, energy production and other shifts would help avoid disasters that are costing mankind enormous sums. It also shows how solar, wind and other energy sources are growing cheaper and promising more cost-effective methods of powering our vehicles and homes.
As Vox explained, a collection of ex-heads of state, world-class experts and others created the Global Commission on the Economy and Climate in 2013 to study how the world was achieving sustainable development goals. It’s independent but receives government funding from Colombia, Ethiopia, Indonesia, Norway, South Korea, Sweden and the United Kingdom.
In an example of a single measure to reach $26 trillion, former Nigerian Finance Minister Ngozi Okonjo-Iweala, who is now commission co-chair, singled out one financial move that would have revolutionary consequences.
“What will it take to unlock this opportunity?” Okonjo-Iweala asked in a blog. “Among the most urgent priorities over the next 2-3 years are implementing carbon pricing and removing fossil fuels subsidies. This could generate more than US$2.8 trillion in government revenues in 2030, equivalent to the GDP of India today, for use toward other public priorities.
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