IMF study says global economy can grow while curbing emissions.
The International Monetary Fund released a study [subscription required] examining the effects of drastic greenhouse gas reductions on the global economy. The study looked forward to the year 2040 and worked from the assumption that greenhouse gas emissions would need to be cut to levels 60% of that released in 2002.
The study concluded that while the global economy, in that time period, should more than double in size, the burden of reducing greenhouse gasses through, carbon taxes or cap-and-trade systems, would cause the global economy to be only 2.6% smaller than it would otherwise. Therefore, according to the study, drastic cuts in greenhouse gas emissions will still permit dramatic increases in the size of the global economy.
Naturally, the study noted that all countries in the world must abide by these cuts, in order to make them effective. As we all know, if China and India grow without concern for their own emissions, any reductions made elsewhere in the world would be more than canceled out. Hopefully this study will not only help convince developing countries that it is possible to have substantial economic growth while significantly reducing emissions, but it may also convince American leaders resistant to emission curbs that this is possible.
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