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There is an urgent need to transition to a resource efficient low carbon economy to address the global challenges of diminishing fossil fuel reserves, climate change caused by the burning of fossil fuels, and finite natural resources serving an expanding world population.
- Fossil fuels take millions of years to create, and are being rapidly depleted in an unsustainable manner
- The vast majority of fuels currently used worldwide to power industry and society (fossil fuels such as oil) contain carbon, which when burned to release energy, is released into the atmosphere as carbon dioxide and other environmentally damaging 'greenhouse gases'
- If everyone in the world lived like people in the UK, it is estimated that ‘three planets worth of resources’ would be needed to support us (DEFRA). It is forecast we will reach this position in only forty years.
All or any of these reasons mean that urgent action is required to transition to solutions which minimise environmental impact and are sustainable. Failure to deliver such action will have catastrophic consequences for mankind, both economically and physically.
According to the Stern Review, The Economics of Climate Change, there is still time to avoid the worst impacts of climate change, if we take strong action now. Furthermore, the benefits of strong and early action far outweigh the economic costs of not acting. The Review estimates that if we don’t act, the overall costs and risks of climate change will be equivalent to losing at least 5% of global GDP each year, now and forever however this could be ‘as much as 20% of GDP or more.. In contrast, the costs of action – reducing greenhouse gas emissions to avoid the worst impacts of climate change – can be limited to around 1% of global GDP each year. Furthermore, the world does not need to choose between averting climate change and promoting growth and development. Whilst 'ignoring climate change will eventually damage economic growth, tackling climate change is the pro-growth strategy for the longer term, and it can be done in a way that does not cap the aspirations for growth of rich or poor countries.'
Failure to tackle climate change will affect the basic elements of life for people around the world – access to water, food production, health, and the environment. Hundreds of millions of people could suffer hunger, water shortages and coastal flooding as the world warms. It will affect all countries, however the most vulnerable – the poorest countries and populations – will suffer earliest and most, even though they have contributed least to the causes of climate change. The costs of extreme weather, including floods, droughts and storms, are already rising, including for rich countries.
The opportunities to act, to maximise the positive economic benefits as well as minimising the consequences of inaction are here today. In a Low Carbon Economy:
- All waste should be minimised – reduce, reuse, recycle
- Energy should be produced using low carbon energy sources & methods – Renewable & alternative energy sources, fuels, & sequestration
- All resources in particular energy should be used efficiently – More efficient energy conversion devices, combined heat & power
- Wherever practical local needs should be served by local production – Food, materials, energy
- There is high awareness and compliance with environmental and social responsibility initiatives – Businesses and individuals
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