Washington: Initiatives aimed at accelerating low-carbon urban development, including increased energy efficiency, could result in savings worth USD 17 trillion for the global economy by 2050, says a report.
In its latest report, the Global Commission on the Economy and Climate has also called for stronger cooperation between governments, businesses, investors, cities and communities to drive growth in the emerging low-carbon economy.
It has identified key economic opportunities that could help bridge up to 96 per cent of the gap between "business-as- usual emissions and the level needed to limit dangerous climate change".
"New analysis undertaken for this report shows that low-carbon urban actions represent a USD 16.6 trillion global economic opportunity.
"Scaling up partnerships between cities... To drive low- carbon urban development, investment in public transport, building efficiency, and better waste management, could save around USD 17 trillion globally by 2050," it noted.
Titled 'Seizing the Global Opportunity: Partnerships for Better Growth and a Better Climate', the report suggested that G20 nations should raise energy efficiency standards in the world's leading economies for goods such as appliances, lighting, and vehicles.
India is a member of the G20 grouping.
"Investment in energy efficiency could boost cumulative economic output globally by USD 18 trillion by 2035," it added.
Further, the Global Commission said governments, development banks and private sector should collaborate to reduce the cost of capital for clean energy "with the goal of investing USD 1 trillion in developed and developing countries by 2030".
As per the report, businesses are already driving a growing USD 5.5 trillion global market for low-carbon goods and services.
"We cannot tackle poverty successfully without also tackling climate change. International cooperation can drive both more inclusive economic growth and more ambitious climate mitigation, reducing the risks to the world's poor.
"Businesses can play a major role in this, for instance, off-grid energy is a huge market in India and at the same time provides major social and environmental benefits," Naina Lal Kidwai, Director of HSBC Asia Pacific, said in a statement issued by the Global Commission.
The Global Commission is an international initiative that analyses and communicates the economic benefits and costs of acting on climate change.
