0.5% GDP needed for net-zero, says report
The world could "technically and economically" transition to net-zero by 2050 for the cost of less than 1% of global GDP annually, according to a new report from the Energy Transitions Commission (ETC).
The report is backed by 40 leaders from major bodies and companies, including the World Resources Institute (WRI), ArcelorMittal, Shell, Tata Group and Volvo.
ETC co-chair Adair Turner said in Edie, “Zero must mean zero, not a plan which relies on the permanent and large-scale use of offsets to balance continued GHG emissions. But action in the next decade is crucial – otherwise it will be too late.”