Monday, January 21, 2013

Climate Change Curbs May Cost $700 Billion a Year, Report Shows



About $700 billion a year of new spending on renewable power, low-carbon transport and energy efficiency is needed to meet the United Nations goal to cap temperature rises, a report for the World Economic Forum showed.

That cash is needed in addition to the $5 trillion a year countries must spend on infrastructure for agriculture, transport, power and water through 2020, according to a report released today by the consultant Accenture Plc for the forum’s Green Growth Action Alliance.

“This development needs to be greened by re-evaluating investment priorities,” former Mexican President Felipe Calderon, chairman of the alliance, wrote in a forward to the report. “There remains a considerable shortfall in investment. Closing this gap is our collective task and one that we cannot afford to fail.”

The World Bank says the planet is on track to warm by 4 degrees Celsius (7.2 degrees Fahrenheit) this century, double the level deemed safe by scientists working in a UN process.

More foolishness @ Newsmax

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