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Friday 13/2/2009 Page: 21
GOVERNMENTS across the world must commit to hundreds of billions of dollars in green investments within months in a combined attack on the economic crisis and global warming, leading economists say. An alliance of experts say in a report that about $400 billion should be channelled into supporting low-carbon technologies such as home insulation and renewable energy. Given the urgency of both economic and climate crises, it wants the green investment made quickly and to total 20% of the $2 trillion likely to be spent globally as fiscal stimulus.
British economist Nicholas Stern, author of the 2006 Stern Review on the economics of cli - Irate change and chair of the Grantham Research Institute on Climate Change, said: "With billions about to be spent by governments on energy, buildings and transport, it is vital that these public investments do not lock us for many more decades into a costly and unsustainable high-carbon economy".
The report, written by many of the team that prepared the Stern Review, says politicians should not delay plans to cut greenhouse emissions because of the global slowdown. Instead, climate change action could form a central part of packages to stimulate economies. Dr Stern said: "Rich industrialised countries need to show leadership this year by committing to reduce their greenhouse gas emissions by at least 80% by 2050."
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