A report published by the New Climate Economy finds that investing in public and low-emission transport, building efficiency and waste management could save US$17 trillion by 2050 and reduce emissions by 3.7 gigatonnes carbon dioxide equivalent (GtCO2e) per year by 2030, or more than the current annual emissions of India.
The report, titled ‘Accelerating Low-Carbon Development in the World's Cities,' states that with complementary national policies, including low-carbon innovation, reduced fossil fuel subsidies and carbon pricing, savings could top US$22 trillion.
8 September 2015: A report published by the New Climate Economy finds that investing in public and low-emission transport, building efficiency and waste management could save US$17 trillion by 2050 and reduce emissions by 3.7 gigatonnes carbon dioxide equivalent (GtCO2e) per year by 2030, or more than the current annual emissions of India. The report, titled ‘Accelerating Low-Carbon Development in the World’s Cities,’ states that with complementary national policies, including low-carbon innovation, reduced fossil fuel subsidies and carbon pricing, savings could top US$22 trillion.
Michael Bloomberg, UN Secretary-General’s Special Envoy for Cities and Climate Change, stated that the report can help accelerate the progress cities are making, “by highlighting smart policies and encouraging cooperation through efforts like the Compact of Mayors.” Eduardo Paes, Mayor of Rio de Janeiro and Chair of the C40 Cities Climate Leadership Group (C40), said that cities are already leading the way in implementing sustainable and innovative urban solutions, and that by sharing and scaling-up best practices through international collaboration, cities can save money and accelerate global climate action.
Nick Godfrey, New Climate Economy and an author of the report, claims that US$17 trillion in savings is a conservative estimate as it only looks at direct energy savings generated from investment, a small part of the broader social, economic and environmental benefits of such investments.
The report states that creative policy instruments and innovative financing can help cities overcome barriers to action, and offers examples of cities that have achieved or can achieve economic benefits from green investments. It also explains that: for every US$1 invested in improving the creditworthiness of cities, more than US$100 can be leveraged through private finance for low-carbon urban infrastructure; and every US$1 million invested in project preparation could yield US$20-50 million in capital support for successful projects.
The report recommends, inter alia, that: cities commit to low-carbon urban development strategies by 2020; cities commit to the Compact of Mayors; and the international community develop an integrated package of US$1 billion or more over five years to help accelerate and scale up low-carbon urban strategies in the world’s largest 500 cities.
The New Climate Economy is a project of the Global Commission on the Economy and Climate, established by Colombia, Ethiopia, Indonesia, Norway, South Korea, Sweden and the UK, to examine how countries can achieve economic growth while dealing with the risks posed by climate change.
The Compact of Mayors is a global coalition of mayors and city officials who have committed to reduce local emissions, enhance climate resilience and track progress in a transparent manner. The Compact was launched in September 2014 by UN Secretary-General Ban Ki-moon and Bloomberg. C40 is a network of megacities committed to addressing climate change and supporting cities to share knowledge and drive “meaningful, measurable and sustainable action.” [New Climate Economy Press Release] [Publication: Accelerating Low-Carbon Development in the World’s Cities] [Compact of Mayors Website]