The primary argument against drastic measures to reduce carbon emissions (thereby mitigating climate change) is that it would be too costly from an economic standpoint. According to the Global Commission on the Economy and Climate, a collection or world leaders and distinguished economists, that’s just not the case. Slowing climate change can actually be… reasonably affordable. In fact, they say that low-carbon growth and economic growth can occur hand-in-hand.

“The New Climate Economy report refutes the idea that we must choose between fighting climate change or growing the world’s economy. That is a false dilemma,” said former President of Mexico Felipe Calderón, Chair of the Global Commission on the Economy and Climate. “Today’s report details compelling evidence on how technological change is driving new opportunities to improve growth, create jobs, boost company profits and spur economic development. The report sends a clear message to government and private sector leaders: we can improve the economy and tackle climate change at the same time.”

The report finds that around $90 trillion will be invested over the next 15 years in urban infrastructure, land use and energy. The Commission says that this is an opportunity for world leaders to invest in the sort of low-carbon technology that will not only reduce our impact on the environment, but create jobs as a nascent industry. Looking at their summary recommendations across the three areas, the plan does not appear to be inherently more costly than standard economic growth methods:

• Cities: Building better connected, more compact cities based on mass public transport can save over US $3 trillion in investment costs over the next 15 years. These measures will improve economic performance and quality of life with lower emissions.
• Land use: Restoring just 12% of the world’s degraded lands can feed another 200 million people and raise farmers’ incomes by $40 billion a year – and also cut emissions from deforestation.
• Energy: As the price of solar and wind power falls dramatically, over half of new electricity generation over the next 15 years is likely to be from renewable energy, reducing dependence on highly polluting coal.
• Resource efficiency: Phasing out the $600 billion currently spent on subsidies for fossil fuels (compared to $100 billion on renewable energy) will help to improve energy efficiency and make funds available for poverty reduction.
• Infrastructure investment: New financial instruments can cut capital costs for clean energy by up to 20%.
• Innovation: Tripling research and development in low-carbon technologies to at least 0.1% of GDP can drive a new wave of innovation for growth.

The Commission notes that while many governments and corporations are leading the way in terms of low-carbon investment, inconsistencies in policies across the globe lead to imbalance and uncertainty, which causes investors to hesitate. The Commission says that if their full plan is implemented, the would should be able to achieve 90% of the necessary emission reductions to stave off catastrophic climate change by 2030.

“The decisions we make now will determine the future of our economy and our climate,” said Lord Nicholas Stern, Co-Chair of the Global Commission. “If we choose low-carbon investment we can generate strong, high-quality growth – not just in the future, but now. But if we continue down the high-carbon route, climate change will bring severe risks to long-term prosperity.”