US$14 trillion needed for a ‘green’ economy

An unprecedented US$14 trillion greening of the global economy is the only way to ensure long-term sustainable growth, according to a stark warning delivered to political and business leaders as they descended on the World Economic Forum in Davos yesterday.

Only a sustained and dramatic shift to infrastructure and industrial practices using low-carbon technology can save the world and its economy from devastating global warming, according to a Davos-commissioned alliance led by the former Mexican President, Felipe Calderon, in the most dramatic call so far to fight climate change on business grounds.

This includes everything from power generation, transport, and buildings to industry, forestry, water and agriculture, according to the Green Growth Action Alliance, created at last year’s Davos meeting in Mexico.

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