Only quick shift to ‘net zero’ emissions will boost GDP: report: “If these changes occur in an orderly fashion, the scenarios suggest that it could lead to some increase in global GDP, and lower unemployment relative to prior trends,” the NGFS said.

“If the transition fails, analysis from the NGFS scenarios suggest that up to 13% of global GDP would be at risk by the end of the century, even before accounting for the potential consequences of severe weather events,” it added.

But to get to net zero by 2050, a $160 per tonne carbon price – or equivalent “shadow price” – would need to be steadily introduced by the end of the decade, which will push up inflation and also raise unemployment in some countries with energy-intensive industries.

Only quick shift to ‘net zero’ emissions will boost GDP: report: “If these changes occur in an orderly fashion, the scenarios suggest that it could lead to some increase in global GDP, and lower unemployment relative to prior trends,” the NGFS said.“If the transition fails, analysis from the NGFS scenarios suggest that up to 13% of global GDP would be at risk by the end of the century, even before accounting for the potential consequences of severe weather events,” it added.But to get to net zero by 2050, a $160 per tonne carbon price – or equivalent “shadow price” – would need to be steadily introduced by the end of the decade, which will push up inflation and also raise unemployment in some countries with energy-intensive industries.Read More