Shaping the Green Growth Economy: A review of the public debate and the prospects for green growth

A serious and credible response to climate change will require reductions in greenhouse gas emissions of 50-80% over the 21st century. The potential cost of those reductions, and the challenge that cost poses to economic growth, have generated intense political debate over whether and how to make the transition to a low-carbon economy. Even in the face of the imperative to act on climate change, this debate has often delayed or prevented serious action.

In response, the ?green growth? argument suggests the debate over cost is misguided. Instead, it may be possible for nations to promote economic growth by reducing emissions?to have their cake and eat it, too. The European Union?s road map to a low-carbon economy projects that the investment and innovation required to reduce European emissions by 80% between now and 2050 will save upwards of ?175 million, generate up to 1.5 million new jobs, and improve European export competitiveness in a range of high-technology markets (European Commission 2011b, 4, 11-12). Such numbers offer the promise that action on climate change can create new economic opportunity, rather than remain simply a cost that the world must bear. And The European Union is by no means alone in making this argument. In the aftermath of the 2007-2009 financial crisis, ?green growth? has attracted significant attention as a way out of today?s economic doldrums.