Green Options

A new report released today says that if we shift our economy — to a greener, low-carbon economy — we will have more jobs, not fewer.

Earlier this week, Tony Blair (former prime minister of the UK) and the Climate Group reported that if we worked to avoid climate change we’d create 10 million new jobs by 2020 — worldwide. Another recent study by Greenpeace and the European Renewable Energy Council says that such a shift could increase employment in the EU by 2.7 million jobs by 2030.

One more report, released today by the Global Climate Network (an alliance of nine influential think tanks) comes to similar conclusions.

A “green economy” can be built in China in less than 20 years, argues a new McKinsey report. The new study, “China’s Green Revolution“, offers the most comprehensive quantitative analysis to date of China’s abatement cost curve.

Previous studies of a similar ilk, like the Stern Review, have incorporated social benefits to partially offset the cost of scaling up energy efficient and clean technologies. In contrast, the latest McKinsey report considers only technology-related costs and attaches a figure to the cost of green initiatives in China.

So what is the final damage? While costs are negative for upgrades in some industries, like buildings, due to the savings generated from energy efficiency improvements, a total 1.5-2 trillion yuan (USD 220-295 billion) would have to be spent every year until 2030 in order to reach McKinsey’s alternative scenario.

Saudi oil minister feels that renewable energy systems are not yet ready to replace the fossil fuels and that our “overly optimistic expectations” from renewable energy sources could lead to a “nightmare scenario” in the energy sector.

A group of American companies has unveiled a plan to drastically cut carbon emissions. Now the companies want the Congress to work out an effective climate bill based on that plan to transform America into a low-carbon economy.