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The world must eliminate emissions from burning fossil fuels in the second half of this century to lower the economic cost of climate change, the Organization for Economic Co-operation and Development (OECD) said on Wednesday.
‘This is worse than a debt because there is no bailout.’— Angel Gurria, secretary general, OECD
Leading economist and climate change expert Nicholas Stern has said that investment equivalent to two per cent of global gross domestic product a year is needed to limit and adapt to climate change.
OECD secretary general Angel Gurria acknowledged that climate change had serious economic consequences that could not be ignored.
Reducing emissions not enough
He said simply reducing emissions would not be enough to lower the economic costs because carbon dioxide accumulates in the atmosphere…
- OECD: We must eliminate fossil fuel emissions (telegraph.co.uk)
- World Must Eliminate Fossil Fuel Pollution, OECD Chief Says (scientificamerican.com)
- Carbon Markets 16 Times Cheaper Than Renewable Aid, OECD Says (bloomberg.com)