The 2018 Report of the Global Commission on the Economy and Climate finds that bold climate action could deliver at least US$26 trillion in economic benefits through to 2030, compared with business-as-usual. Subsidy reform and carbon pricing could generate an estimated US$2.8 trillion in government revenues per year in 2030 which can be used to invest in public priorities. Urgent actions called for in the report include major economies putting a carbon price of at least US$40-80 by 2020, phasing-out fossil fuel subsidies and harmful agricultural subsidies and tax-breaks by 2025, with some of the revenues saved used to provide better-targeted support to tackle energy poverty and ensure more sustainable food and land use systems. To read the full report, see the NCE webpage.
October 8, 2018