Paris Accord Could Unlock $90 Trillion in Economic Opportunities
The Paris agreement could unlock up to $90 trillion in new economic opportunities around the world, including $13.5 trillion in clean energy development alone, according to a new analysis by the We Mean Business coalition.
The coalition said its members are seeing an average 27% return on their investments in clean energy and low-carbon technologies. They’re also reaping the benefits of “first mover advantages in low-carbon markets, more resilient operations and supply chains, and a stronger reputation among employees, consumers, and other stakeholders.”
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“Major global economies are already restructuring their energy systems, and rethinking transportation, infrastructure, and buildings,” JustMeans notes. The coalition’s report “offers insights into several topics, including new and expanded market opportunities, opportunities to align investment decisions to long-term policy certainty, benefits from policy coherence across borders and into new markets, and increased investor confidence in managing climate risks.”
The report foresees rapid growth in building efficiency and demand-side energy management, low-carbon and electric vehicles, renewable electricity, and water and wastewater management, and the coalition “predicts the business potential of climate change mitigation will only grow over time,” JustMeans reports. “Already, the clean technology market is moving faster than the economy as a whole, and developing countries will open new market opportunities as they move to meet their targets.”
The We Mean Business coalition brings together 374 businesses with $7.8 trillion in revenue and 183 investors with $20.7 trillion under management.