A new report from the World Bank Group has outline three steps countries can follow to reduce net emissions of greenhouse gases to zero and stabilize climate change.
According to the report, planning for the end goal, not just the short-term; getting prices right as part of a broad policy package that triggers changes in investment and behavior; and smoothening of the transition for those most affected by climate change is the way out of the present quagmire.
The report which was titled: Decarbonizing Development: Three Steps to a Zero Carbon Future stated that says, the actions necessary to make the transition to zero net emissions are affordable if governments start today.
It, however, warned that the costs will grow if action is delayed, saying that waiting until 2030 would increase the global cost by 50 percent.
“As science has indicated, the global economy needs to be overhauled to reach zero net emissions before the end of this century, so we at the World Bank Group are increasing our focus on the policy options governments and businesses have now.
Our role is to help our country clients and others to make the shift to low-emissions development.
Choices made today can lock in emissions trajectories for years to come and leave communities vulnerable to climate impacts.
We will help support robust decisions when we can,” said World Bank Group Vice President and Special Envoy for Climate Change, Rachel Kyte.
The report was designed to help policymakers in both developed and developing countries set priorities as they reduce greenhouse gas emissions on a path to zero net global emissions.
The report spelt out how countries can reach zero net emissions by shifting from fossil fuels to clean energy as their source of electricity, and then scaling up electricity use, adding that improving energy efficiency is important to help lower demand, and keeping natural carbon sinks healthy through good forest and land management helps offset remaining emissions by absorbing and storing carbon.