Want to save $12 trillion? Get off the oil economy. That was the blunt message from a recent report showing that the worst of climate change could be contained by investing 1% of global GDP into energy efficiency, green power and preventing deforestation by 2030.
The do-nothing alternative is somewhat less of a wise investment. Nicolas Stern, the former Chief Economist for the World Bank found that ignoring climate change would cost the world economy up to 20% of global GDP due to lost productivity, extreme weather and water shortages.
This latest report was conducted by the international consulting firm McKinsey & Company on behalf of a number of disparate groups concerned about climate change including Shell Oil, Honeywell and the World Wildlife Fund.