Time is running out to take action and mitigate the potentially dramatic effects of climate change. Often, taking climate-related action is linked to a decline in economic growth. But that doesn’t have to be the case. A Deloitte report published last year showed that climate action can be combined well with economic growth. In addition, new forms of employment are created.
Preventing harm from transition
Reducing emissions should limit global warming to no more than 1.5 degrees. That is the objective as currently formulated in global agreements. Meeting this target is a prerequisite for limiting as much as possible the economic damage caused by warming. A transition to an economy that is net-zero (or perhaps net-positive) can be accompanied by healthy economic growth.
The Deloitte report cited that Europe has the technology to support a net-zero economy. In addition, the regulations are in place, and sufficient capacity is available. By acting quickly, sustainable economic prosperity can be achieved. New industries create new jobs, while the economy is competitive within the global market after the transition.
All the more reason for Europe to commit to this transition now.
The full report can be downloaded from Deloitte’s website.