Net Zero Emissions to Give Rise to New Industries

Net Zero Emissions to Generate New Industries According to a report by London-based sustainable development consultancy Arup and economic consultancy firm Oxford Economics, new technologies and expertise are emerging to address the global climate crisis, which becomes increasingly alarming each year. The report, prepared after a year-long study by Arup and Oxford Economics, aims to explain to governments, investors and the public the opportunities presented by a green economy. According to the report, which notes that the green economy will become increasingly prominent in the future, strategic economic policies to be set in the transition to a green economy are important.

The report includes the following statements:

"Economic activities must be freed from their negative environmental impacts. In this way, the global economy can enter a more sustainable process. This can be achieved through protecting not only the environment but also economic prosperity from the harmful effects of global warming. Reducing climate change is costly and fundamentally requires moving away from fossil fuel-based energy use." The report points out that the process of transition to a sustainable environment and green economy will create major opportunities in the global economy by 2050, and notes that the shift to clean energy will also increase competition across all industries. The report states: "The transition to net zero emissions by 2050 will create new industries that will contribute USD 10.3 trillion in value to the global economy. This amount includes the direct contribution to gross domestic product of electric vehicle manufacturing, electricity generation from renewable energy, clean energy equipment production, renewable fuels and green financing."   Source