21st September 2015
LONDON: Low carbon urban development represents a US$16.6 trillion opportunity by 2050, according to a new working paper report from The Global Commission on the Economy and Climate, a major international initiative to analyze and communicate the economic risks and opportunities of climate action.
The working paper puts cities and sub-national governments at the forefront of the fight against climate change. This year, about 85% of global GDP was generated in cities – and by 2050, two-thirds of the world’s population will live in urban areas.
It is therefore imperative to use resources more efficiently at this sub-national level of government, through bold policies to enable smarter low carbon cities. In a Climate TV video interview released ahead of Climate Week NYC, Libby Ferguson, States & Regions Director, The Climate Group underlines: “In the climate change world you see a lot of focus on national governments involved in the international climate negotiations. But there is rightly increased attention on sub-national governments, which includes cities, states and regions, who play a vital role in helping realize the economic potential of the low carbon economy.