Study urges moving $1.3 trillion yearly to green from brown industries
Nations can kick-start a “green economy” by redirecting $1.3 trillion a year from industries that overuse resources to 10 areas ranging from forestry to buildings, Bloomberg reported after the release today of a United Nations study.
The expense — about 2 percent of economic output — would help cut emissions of greenhouse gases and avoid price shocks associated with a dependence on fossil fuels and other commodities, the United Nations Environment Programme said today in a report.
The study examined measures to make buildings and vehicles more energy efficient, boost renewable energy and promote more sustainable farming and fishing.
Countries are already spending billions of dollars to reduce emissions and promote renewable energy. Low-carbon energy investment surged to a record $243 billion last year, Bloomberg said.
At current levels of global domestic product, the study recommended the following levels of spending:
- Agriculture: $108 billion a year on measures such as making the soil more fertile and cutting wasted irrigation water.
- Buildings: $134 billion for emissions-cutting technologies such as insulation and double-glazing.
- Energy supply: More than $360 billion on renewables and cutting emissions from existing power plants.
- Fisheries: $110 billion for measures such as setting up marine protected areas and reducing fleet capacity.
- Forestry: $15 billion to protect trees.
- Industry: More than $75 billion to make manufacturing more energy efficient.
- Tourism: About $135 billion to promote more environmentally friendly tourism.
- Transport: More than $190 billion to promote public transportation, cleaner cars and non-motorized modes of travel such as cycling.
- Waste: Almost $110 billion to promote recycling and cut methane emissions from landfill sites.
- Water: $110 billion on improved sanitation and access to clean water for poorer people.