According to a new report from the World Bank and the ClimateWorks Foundation, the global economy would greatly benefit from governments that implement strong energy efficiency policies. Projections from these organizations say that, by taking energy efficiency seriously, global GDP can rise by up to $2.6 trillion annually by the end of 2030.
The World Bank and ClimateWorks Foundation focused on only a handful of nations while conducting its study – Brazil, Mexico, China, India, the United States and the European Union. The report measures what benefits and advantages these countries would experience by creating and enforcing laws that limit carbon dioxide emissions and curtail other pollutants from being released into the air.
In addition to the major economic impact these policies would have – increasing global GDP from $1.8 to $2.6 trillion each year – there would also be very positive health effects. According to predictions, having cleaner air would prevent as many as 94,000 premature deaths annually that are pollution-related. If enacted, these laws would be equivalent of taking 2 billion cars off of the road.
The World Bank estimates that, in the last decade alone, more than $200 billion has been lost due to global climate change-related weather events. By putting firm laws in place, the world would actually be following President Obama's recently announced goal of reducing carbon emissions by 30 percent by the year 2030, effectively curbing rising temperatures and climate change effects.
As a Maryland resident, there is plenty you can do on a personal level to have a more positive impact on the environment. If you want to find out how your home could be using power in better ways, schedule an energy audit today with Alban Inspections!