Realizing a "Green New Deal"
UNEP-Commissioned Report Underlines How Environmental investments Can get the Global and National Economies Back to Sustainable Work
25th Governing Council/Global Ministerial Environment Forum 16-20 February
Nairobi, 16 February 2009 - One third of the around $2.5 trillion-worth of planned stimulus packages should be invested on 'greening' the world economy.
This would assist in powering the global economy out of recession and onto a Green, 21st century path a new report released today by the UN Environment Programme (UNEP) says.
The estimated $750 billion of green investment, equal to about one per cent of current global GDP, could trigger significant, multiple and potentially transformational returns.
Allied to innovative market mechanisms and fiscal policies, these include:
- Stimulating clean tech innovation, stabilizing and boosting employment in decent jobs and protecting vulnerable groups
- Cutting carbon dependency and greenhouse gas emissions, reducing degradation of multi-trillion dollar ecosystems and their goods and services and tackling water scarcity
- Furthering the opportunity to achieve the Millennium Development Goal of ending extreme poverty by 2015
The G20, comprising of the 20 largest developed and developing economies, who next meet in London in April, is the first opportunity to begin shaping a Global Green New Deal.
Such a Deal can also set the stage for a successful outcome to the crucial UN climate change meeting later in the year in Copenhagen, Denmark.
These are among the findings of the Global Green New Deal report, written in consultation with experts from over 25 UN bodies and external organizations including the OECD, the International Monetary Fund and the World Bank.
The report, A Global Green New Deal, commissioned on behalf of UNEP's Green Economy Initiative was written by Professor Edward B Barbier of the University of Wyoming.
Prof. Barbier is a leading expert on the economics of sustainability, and co-authored with the late Prof. David Pearce, the landmark Blueprint for a Green Economy.
Its findings, alongside those of the UNEP Year Book 2009, are being presented today to over 100 environment ministers attending UNEP's Governing Council/Global Ministerial Environment Forum.