Editors Note: The key phrase below is ‘potential backers of low-carbon projects.’ From the left, there is no reason these can’t be public ownership projects or worker-owned coops—but it will take a fight.
Davos Call for $14 Trillion 'Greening' of Global Economy
Political and business leaders warned of need to ensure sustainable growth
By Tom Bawden
SolidarityEconomy.net via The Independent - UK
Jan 22 2013 - An unprecedented $14trn (£8.8trn) greening of the global economy is the only way to ensure long-term sustainable growth, according to a stark warning delivered to political and business leaders as they descended on the World Economic Forum in Davos yesterday.
Only a sustained and dramatic shift to infrastructure and industrial practices using low-carbon technology can save the world and its economy from devastating global warming, according to a Davos-commissioned alliance led by the former Mexican President, Felipe Calderon, in the most dramatic call so far to fight climate change on business grounds.
This includes everything from power generation, transport, and buildings to industry, forestry, water and agriculture, according to the Green Growth Action Alliance, created at last year's Davos meeting in Mexico.
The extra spending amounts to roughly $700bn a year until 2030 and would provide a much-needed economic stimulus as well as reduce the costs associated with global warming further down the line, said Mr Calderon, who leads the alliance.
It is better to try to pre-empt events like Hurricane Sandy, which cost $50bn, by keeping a lid on global warming, concluded the report, researched by the Accenture consultancy.
Mr Calderon, whose six-year term as Mexican President ended in November, said: "It is clear that we are facing a climate crisis with potentially devastating impacts on the global economy.
"Greening global economic growth is the only way to satisfy the needs of today's population and up to 9 billion people by 2050, driving development and wellbeing while reducing greenhouse gas emissions and increasing natural resource productivity."(more...)