Kate Adlington
Global Press Office,London
A new report from Arup and Oxford Economics estimates that new green industries could be worth $10.3T to the global economy by 2050, equivalent to 5.2% of global GDP that year.
While many see the green transition as a cost, the report demonstrates the substantial benefits and the need to move quickly to capture them. It includes three unique tools to help companies and policymakers identify opportunities and take the right action to capture them: A new taxonomy for green economic activities; a framework to identify which opportunities work best for which economies; and a policy action tool for policymakers in different contexts.
There has never been a better time to invest in the green economy, as a new report reveals that green industries – and their vast supply chains – could be worth $10.3T to the global economy by 2050 (in today’s prices). This would be equivalent to more than 5% of the global GDP.
The report, from sustainable development consultancy Arup and economics advisory firm Oxford Economics, gives organisations the tools they need to take action and adopt green technologies and practices.
Investment in green technologies, expertise and renewable energy sources is crucial to addressing urgent climate challenges.
The report highlights ways innovation and strategic policy-making can address existential issues for the planet in a way that also builds broad prosperity and social well-being.
It explains not just what the green economy is, its shape and potential, but also how its opportunities can be practically used to drive prosperity, inclusiveness and environmental sustainability, which will be crucial for a just transition.
Drawing on the work and expertise of climate specialists, economists and sectoral experts, the report includes three tools that help economic policy decision-makers identify the right green economy opportunities, and maps out the steps required to capture them – including how to build core capabilities and competitiveness within their local context. The tools include:
• A new taxonomy for green economic activities
• A framework to identify which opportunities work best for which economies
• A policy action tool for policymakers in different contexts
