Deloitte lays out 4 steps to keep the climate crisis from tanking the global economy over the next 50 years
Letting climate change go unchecked could decimate the global economy by 2070. A new report by Deloitte lays out the four steps that governments, corporations, and citizens need to take if they're to avoid such catastrophe.
Conversely, pushing for net-zero emissions can set the stage for stronger economic growth in the coming decades. Such a pivot can grow the world economy by $43 trillion by 2070, according to the report. "Given the costs associated with each tenth of a degree of temperature increase, every month of delay brings greater risk and forestalls the eventual economic gains," the economists said.Reaching net-zero emissions will take some serious investment. Economies will have to pay up for clean energy, sustainable supply chains, and replacements for emissions-intensive industries if they're to make the transition in time, according to the report.
"If the economic impacts of a changing climate are left out of economic baselines, the result is likely to be poor decision-making, ineffective risk management, and dangerously inadequate efforts to address the climate crisis," the team said.Staying the path can, ideally, create a decarbonized economy, but the work won't be all done then.
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