• 11 hours Russia Approves Profit-Based Oil Tax For 2019
  • 15 hours French Strike Disrupts Exxon And Total’s Oil Product Shipments
  • 17 hours Kurdistan’s Oil Exports Still Below Pre-Conflict Levels
  • 19 hours Oil Production Cuts Taking A Toll On Russia’s Economy
  • 21 hours Aramco In Talks With Chinese Petrochemical Producers
  • 22 hours Federal Judge Grants Go-Ahead On Keystone XL Lawsuit
  • 24 hours Maduro Names Chavez’ Cousin As Citgo Boss
  • 1 day Bidding Action Heats Up In UK’s Continental Shelf
  • 1 day Keystone Pipeline Restart Still Unknown
  • 2 days UK Offers North Sea Oil Producers Tax Relief To Boost Investment
  • 2 days Iraq Wants To Build Gas Pipeline To Kuwait In Blow To Shell
  • 2 days Trader Trafigura Raises Share Of Oil Purchases From State Firms
  • 2 days German Energy Group Uniper Rejects $9B Finnish Takeover Bid
  • 2 days Total Could Lose Big If It Pulls Out Of South Pars Deal
  • 2 days Dakota Watchdog Warns It Could Revoke Keystone XL Approval
  • 3 days Oil Prices Rise After API Reports Major Crude Draw
  • 3 days Citgo President And 5 VPs Arrested On Embezzlement Charges
  • 3 days Gazprom Speaks Out Against OPEC Production Cut Extension
  • 3 days Statoil Looks To Lighter Oil To Boost Profitability
  • 3 days Oil Billionaire Becomes Wind Energy’s Top Influencer
  • 3 days Transneft Warns Urals Oil Quality Reaching Critical Levels
  • 3 days Whitefish Energy Suspends Work In Puerto Rico
  • 3 days U.S. Authorities Arrest Two On Major Energy Corruption Scheme
  • 3 days Thanksgiving Gas Prices At 3-Year High
  • 4 days Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 4 days South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 4 days Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 4 days Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 4 days Iraq Steps In To Offset Falling Venezuela Oil Production
  • 4 days ConocoPhillips Sets Price Ceiling For New Projects
  • 6 days Shell Oil Trading Head Steps Down After 29 Years
  • 7 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 7 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 7 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 7 days Venezuela Officially In Default
  • 7 days Iran Prepares To Export LNG To Boost Trade Relations
  • 7 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 7 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 7 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 8 days Rosneft Announces Completion Of World’s Longest Well

Tackling Climate Change Seen as Boon to Economic Growth

Tackling Climate Change Seen as Boon to Economic Growth

A new report says economies could expand if their governments reduce toxic emissions in cities and reduce the amount of energy and land used in industrial production.

study by the Global Commission on the Economy and Climate found that governments will spend some $90 trillion to improve their urban infrastructure by 2030, an investment that will yield equalizing dividends, including more than $3 trillion from improvements in mass transportation.

Related: The World’s 10 Most Energy-Efficient Cities

The report also says that recovering just 12 percent of land that has deteriorated from decades of industrial use could raise farmers’ income by as much as $40 billion and feed as many as 200 million people in the next coming 15 years.

The panel recommends that governments triple their spending to at least 0.1 percent of gross domestic product for research and development of low- or non-polluting technologies, and gradually end $600 billion in annual subsidies to industries that rely on fossil fuels.

“If we choose low-carbon investment, we can generate strong, high-quality growth – not just in the future, but now,” said Nicholas Stern, the co-chairman of the commission, which was set up by seven nations to advise on the best ways to fight climate change.

Many government officials agree that the very act of working to reverse global warming helps boost economies. German Environment Minister Barbara Hendricks told Bloomberg News, “Climate protection has become a growth engine.”

Germany is taking major steps to replace its nuclear reactors with renewable forms of energy, including solar and wind power.

The report also found that cities are major pollution culprits. Half the world’s population of 7.2 billion people now live in cities, which generate 80 percent of global economic growth but also about 70 percent of toxic emissions.

Related: How The US Can Light Up The Futures Of The 1.4 Billion People Without Eletricity

Cities also tend to sprawl unchecked as their populations continue to grow – by an estimated rate of 1 billion people in the next 15 years.

The report was issued one week before heads of state and government from around the world will meet at a summit in New York hosted by U.N. Secretary-General Ban Ki-Moon. In the past 20 years, progress to limit toxic emissions has been slow. Now, though, nearly 200 countries are shaping a treaty that would limit toxic emissions. The pact is expected to be ratified in Paris in 2015.

By Andy Tully of Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • David Hrivnak on September 20 2014 said:
    I for one am happy to put American's to work installing my rooftop solar to power my house AND my electric car. No more supporting the Russians, Saudi's and Venezuelan's and other friends around the world.
  • Andrew on September 18 2014 said:
    Boon, no strike that, Boondoggle. with the coming cold, in the years to come we will have a hardy laugh around the fire, as Al Gore and his buddies fly over in their jets, consoling themselves with their ill gotten trillions.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News