Climate plans offer countries opportunity to ‘supercharge’ growth, says UNEP

Through their Nationally Determined Contributions (NDCs), countries have an opportunity to ‘supercharge’ economic growth, the United Nations Environment Programme (UNEP) has said.

According to the UNEP, if undertaken effectively, countries submitting their NDCs under the Paris Agreement could go beyond addressing emissions reduction, by improving public health, strengthening food security, expanding access to energy, and generating significant investment opportunities.

“When we talk about climate change, we usually talk about what we stand to lose as the planet warms,” commented Martin Krause, director of the Climate Change Division at the United Nations Environment Programme. “But we need to talk more about the society-altering gains we could make by addressing climate change.”

‘One of the greatest business opportunities’

As UNEP noted, the transition to clean energy has been described as ‘one of the greatest business opportunities since the Industrial Revolution’, with global investments in climate-friendly energy projects reaching $2.1 trillion last year, according to Bloomberg.

The International Monetary Fund estimates that achieving net-zero greenhouse gas emissions by 2050 could lead to the creation of an additional 14 million jobs in clean energy and associated technologies, as well as increasing global GDP by 7%.

UNEP added that extreme weather events brought on by climate change have led to around two million deaths and caused $4.3 trillion in economic losses, adding that slowing down climate change could prevent a further 14.5 million deaths and $12.5 trillion in losses.

Elsewhere, households would collectively save $201 billion on electricity and gas bills by 2040 through the transition to renewable energy, according to the International Energy Agency, while nature and biodiversity would also see greater protection, with UNEP’s Emissions Gap Report 2024 noting that better forest management and reforestation could provide 20% of the emission reductions needed by 2030.

‘Build resilience’

With some 25 million people predicted to migrate by 2050 as a result of climate change, ‘acting to lower emissions and build resilience will create better conditions for peace and reduce forced migration – easing pressures on borders and budgets – by protecting natural resources, ‘ UNEP added.

‘In addition, countries that invest in renewables and energy efficiency become less vulnerable to volatile fossil fuel prices by reducing imports.’ Read more here.