10-01-2023
Green industries could be worth $10.3 trillion to the economy by 2050
(Reuters) Industries helping the world shift to net-zero emissions could be worth $10.3 trillion to the global economy by 2050, sustainable development consultancy Arup and economics advisory firm Oxford Economics said in a report on Tuesday.
From heatwaves to floods, extreme weather events are not only costly but increasingly causing upheaval across the globe, pushing governments and industries to seek to cut greenhouse gas emissions and mitigate climate change.
"As economists, we have to be honest about the fact that mitigating climate change will be expensive," Oxford Economics' Chief Executive Adrian Cooper said in a statement. "But the transition to a carbon-neutral global economy also presents compelling opportunities."
The analysis showed emerging new markets for carbon-neutral goods and services that help reach the Paris Agreement net-zero target will be worth $10.3 trillion, or about 5% of projected gross domestic product (GDP), by mid-century.
"This includes the direct contribution to GDP of electric vehicles manufacturing, renewable power generation, clean energy equipment manufacturing, renewable fuels and green finance; plus the activity supported across global supply chains," the report stated.
It also showed, as industries shift to clean power amid a global energy supply crisis, that resulting disruptions will create new competitive opportunities for companies able to adapt quickly to changing demands.
Arup and Oxford Economics found the green transition would lead to substantial productivity gains from climate change mitigation compared to "a world in which climate change has been left unchecked, or poorly tackled".
A scenario analysis by Oxford Economics suggested a failure to act could damage global GDP by around 5% by 2050. In 2021, it said the cost of weather-related interruptions to economic activity had already reached $233 billion.
"This report shows the green transition is not a burden on the global economy, but a substantial opportunity to bring about a greater and more inclusive prosperity," Arup Global Strategy Skills Leader Brice Richard said.
Read original here - Reuters
News Category:
-
GIDARA Energy collaborates with Aker Solutions in Equinor waste-to-SAF study
We are pleased to announce that GIDARA Energy's HTW (High Temperature Winkler) technology for Gasification of solid waste to syngas has been selected by Aker Solutions ...
25-04-2024
-
Lhyfe is digitising a key sector for decarbonisation launching first Marketplace for green hydrogen
Lhyfe, a world pioneer in the production of green and renewable hydrogen, announces the launch of the first Green Hydrogen Marketplace1, on its online portal Lhyfe Heroes2. ...
25-04-2024
-
OMV Petrom will test an innovative carbon capture and utilization facility at Petrobrazi
OMV Petrom, the largest integrated energy producer in Southeastern Europe, will test a new carbon capture and utilisation technology at the Petrobrazi refinery, starting ...
25-04-2024
-
ABB’s new Modular Synchronous Generator delivers flexible backup for the energy transition
ABB has developed the new Modular 20-megawatt (MW) class synchronous generator as a flexible, scalable approach to balance power grids as they transfer an ever-increasing ...
25-04-2024
-
INERATEC secures state of the art catalysts from Sasol for the production of sustainable e-fuels
The catalysts will be used, among others, in the first large-scale industrial Power-to-Liquid (PtL) plant that INERATEC is currently building in Frankfurt, Germany, which ...
24-04-2024
-
Neste successfully concludes its first processing run with pyrolysis oil from discarded tyres
In its efforts to advance chemical recycling, Neste has successfully conducted its first processing trial run with a new challenging raw material, liquefied discarded ...
23-04-2024
-
Topsoe announces plans for new US electrolyser factory for clean hydrogen
Topsoe, a global leader in carbon emission reduction technologies, announced plans to build a cutting-edge factory in Chesterfield, Virginia. The factory will manufacture ...
23-04-2024
-
Technip Energies awarded a substantial contract for TotalEnergies and OQ’s Marsa LNG project in Oman
Technip Energies has been awarded a substantial1 contract by TotalEnergies and OQ for the Marsa LNG bunkering project located in Sohar, Oman. The contract covers ...
23-04-2024
-
Technip Energies and Anellotech to jointly develop sustainable plastics recycling
Technip Energies and Anellotech Inc, today announced they have signed a global joint development agreement to work cooperatively to further develop and then license Anellotech’s ...
22-04-2024
-
Technip Energies to perform FEED on the Runcorn Energy from Waste carbon capture project
Technip Energies has been awarded a Front-End Engineering Design contract by Viridor for the Carbon Capture and Storage (CCS) project at one of the United Kingdom’s ...
19-04-2024