It's economically doable

Written by Robert Pollin

There is no reason, in principle, that countries that invest between 1.5 and 2% of GDP in clean energy should experience any difficulties in maintaining healthy rates of economic growth.  Here again, the reasons are straightforward.  To begin with, energy efficiency investment pay for themselves, within about 3 years, on average.  Meanwhile, for most clean renewable energy sources, the average costs of providing energy are now at rough parity with fossil fuels.  The global economy can achieve the IPPC'S 20-year emissions reduction target if most countries--especially those with either large GPDs or populations--devote between 1.5 and 2% of GDP to investments in energy efficiency and clean, low-emission renewable energy sources. 

Robert Pollin, Greening the Global Economy, pp.4-5.

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