3 Steps to Decarbonizing Development for a Zero-Carbon Future

3 Steps to Decarbonizing Development for a Zero-Carbon Future

Getting to zero net emissions and stabilizing climate change starts with planning for the long-term future and not stopping at short-term goals. It means getting prices right as part of a broad policy package that can trigger changes in both investments and behaviors, and it requires smoothing the transition for those most affected.

A new World Bank report walks policymakers through those three steps with data, examples and policy advice to help put countries on a path to decarbonizing their development in a smooth and orderly way.

The solutions exist, and they are affordable – if governments take action today, the report says.

It warns, however, that costs will rise for the next generation the longer action is delayed. Data from the latest Intergovernmental Panel on Climate Change report suggests that waiting just 15 more years and taking no action until 2030 would increase costs by an average of 50 percent through 2050 to keep temperatures from rising less than 2°C.

 “Choices made today can lock in emissions trajectories for years to come and leave communities vulnerable to climate impacts,” said World Bank Group Vice President and Special Envoy for Climate Change Rachel Kyte. “To reach zero net emissions before the end of this century, the global economy needs to be overhauled. We at the World Bank Group are increasing our focus on the policy options.”

The three steps:

Step 1: Plan for the future

Step 2: Get prices right as part of a broad policy package

Step 3: Smooth the transition

 

Source: World Bank

Date: June 2015

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Tags assigned to this article:
climate changeeconomics

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