The global carbon market is set to become a major part of the world’s energy supply, as nations push to reduce carbon dioxide emissions and move towards renewable energy.
While it is unlikely to make up for the loss of fossil fuels, it has the potential to help bring about a “climate revolution” that could lead to a more sustainable future for all, a leading expert has warned.
The World Economic Forum (WEF) on Wednesday called for countries to start implementing the “green economy” – a model in which people are encouraged to buy locally-produced goods and services rather than relying on expensive imported goods and vehicles – as the market grows.
A “green” economy is based on low-carbon technology, such as solar, wind and bioenergy, and is expected to increase in importance as the world continues to ramp up production of fossil fuel and other pollutants, said the WEF, which aims to raise more than $20 trillion for development projects by 2030.
The UN’s climate change body also welcomed the move as a “bold step” in tackling climate change, but cautioned that the process will take time and that more countries must take part in it.
“It is a huge step, but we must move forward,” said Dr Richard Tol, the WEFA’s executive director.
“The global carbon economy is the fastest growing source of CO2 emissions.
The climate revolution is a global problem. “
This is the first step in a long-term process, but it needs to happen quickly.
The climate revolution is a global problem.
We need to tackle it at the global level.”
While many countries have already begun to transition to the “carbon economy”, the WEFL urged that the transition should be done with a “fair and equitable” system.
Its report said the market would be one of the most important tools for addressing the CO2 crisis, with it providing a large amount of cash to poor countries, while allowing them to develop and invest in their own industries.
“Caring for our planet is a fundamental human right, yet CO2 is one of our biggest threats to our health and wellbeing,” Tol said.
Tol said that the “fairly rapid transition” of economies to a carbon economy was an “important step” that would provide billions of dollars to “transform and transform our lives” in the short- and long-run.
But the WEFS warned that “the rapid transition to a green economy” would also cause “unnecessary and irreversible damage to the climate”.
We must move ahead and make sure the climate economy works, Tol said, but said that “no nation or region” was immune from the effects of climate change.
We need to take the next few years to see how the COGAP (Common Green Investment Program) system works, so that we can build a sustainable economy and address climate change in the long term.
And, as the WEFs report pointed out, “carbon economies” can be “complex, costly, risky, inefficient and unpredictable”.
They are not “reliable” options, Tol added.
“This new era of climate capitalism, a new era in which the world has a stake in climate, is not only likely to be disruptive, but also potentially harmful,” he said.
“As we move towards a global economy of the green economy, we must ensure that we do not take this opportunity to reduce or even reverse CO2 levels.”