Report Calls for $700 Billion to Fight Climate Change

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Climate ChangeA new report by the Green Growth Action Alliance states that billions in investments are required to halt the consequences of climate change. World leaders gather in Switzerland to address the pressing issues stemming from climate instability.

A new report issued by the Green Growth Action Alliance suggests that combatting climate change may be costlier than previously anticipated: the organization estimates a $700 billion yearly investment will be required to keep climate change from being potentially devastating in the decades to come.

The report, written collaboratively with the World Economic Forum, notes that the $700 billion does not require a vast direct investment of international funds. Rather, the report recommends a $36 billion increase in global spending on issues of climate change, asserting that the international contribution will prompt private investors to subsidize the remaining $570 billion.

The report noted that private investment has increased significantly since 2010, with investors currently contributing $257 billion to address climate change.

Despite feeble economic conditions worldwide, the report unequivocally identifies climate change as an urgent issue requiring immediate international action. The world’s population is projected to rise from 7 billion to 9 billion by 2050. The WEF Climate Change director emphasized the urgency of producing a sustainable global economy in the face of a population boom that will significantly alter environmental interaction.

The report identifies increased environmental consciousness and protection as essential to a stable, functioning global economy. Unsustainable rates of temperature increase have correlated with extreme worldwide temperature patterns and damages to food and water supply. Environmental damages, particularly weather-related devastation, threaten businesses on a global scale, rendering environmental conservation urgent both politically and economically.

The report makes numerous recommendations for investments aimed at slowing the rate of global increases in temperature. Among the recommendations are clean energy initiatives, sustainable forms of transportation, and more efficient energy usage in buildings.

In the face of threatening global climate shifts, leaders gather in Davos, Switzerland to address worldwide issues including environmental initiatives.  Among those weighing in on climate change are insurance companies, the head of the World Bank, representatives from Red Cross, and the president of the United Nations Food and Agriculture Organization. The attendees will address food and water shortages and resource management. Considering climbing rates of greenhouse gas emissions is a summit priority.

The attending parties are in agreement that environmental policies and economic growth are inexorably linked.

President Obama, who will be represented at the Davos summit, dedicated portions of his second inaugural speech to the threat of climate change and the necessity of responding appropriately to environmental instability. He acknowledged that some view climate change as an unproven phenomenon, but cited the consequences of unstable temperatures, including wildfire devastation and flooding, as universal reasoning for immediate action. The President asserted that failure to address the issue swiftly and effectively would be a betrayal to future generations of Americans.

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