The Climate Change Action That Could Deliver US$26 Trillion in Economic Benefits
November 11, 2020
The Global Commission on the Economy and Climate (GCEC) is an international group of seven economic and policy research institutes located in Sweden, Europe, China, US, India, Korea and Ethiopia. Overseen by an international council composed of government officials, the major purpose of this group is to analyze and publish information related to climate change.
As part of their mandate, the group released its Report of the Global Commission on the Economy and Climate in 2018, outlining key findings from their publications. These include a proposed map of action across several key economic systems that comprise the energy sectors, city development initiatives, land use, water and food policy, and industry regulations.
GCEC Objectives & Goals
The GCEC aims to produce evidence supporting the idea that addressing climate change can have positive effects on the economy. The group engages directly with policy-makers and politicians through the provision of original research and analysis. Along with propagating information, members of the group are actively involved in lobbying national governments and business leaders for policy changes in line with their mission.
The GCEC Report: Key Findings
The GCEC report identified opportunities associated with recent technological advances that leverage the falling costs of renewable energy sources. In addition to outlining some of the perceived benefits associated with this new strategy, the report suggests that some of these sustainable investments are cost-competitive when compared to traditional energy sources currently in use.
Key findings from the report include statistics concerning food and water security in addition to the effect of climate change on natural events like wildfires and other climate-related hazards. The reports also claims that US$320 billion was lost in 2017 due to climate and weather-related hazards in addition to causing millions of deaths.
GCEC Recommended Policy Initiatives
In response to the issues outlined in their research, the GCEC has suggested some policy initiatives that include:
• Carbon pricing schemes
• Increased tax dollars towards sustainable infrastructure
• Public-private sector partnerships
• Urban planning initiatives
According to the report, these recommended policies are expected to produce a living environment that is more efficient while restoring degraded lands and protecting forests. Besides putting the world on a sustainable path, the group believes that these policies can deliver at least USD$26 trillion in economic benefits over the next decade and through to 2030.
LED Lighting: A Part of the Solution
As part of a nationwide action plan on climate change, the Canadian government has a net-zero emissions goal set for 2050.
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There has never been a better opportunity to invest in a lighting upgrade.
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Take action now by making an impact on our environment that can lead to a healthier and more sustainable world. LED lighting is one of the first steps lighting the path towards making it happen!