Subscribe to our free daily newsletters
  Solar Energy News  

Subscribe to our free daily newsletters

Go green to save the world and the world economy: OECD
By Richard LEIN
Paris (AFP) Nov 9, 2015

The OECD urged Monday nations to step up environmental investments to ward off not only catastrophic climate change but to give the global economy a much-needed boost as China struggles to rebalance its economy.

With a critical UN summit opening in Paris later this month that aims to get an agreement on cutting back greenhouse gas emissions enough to limit the increase in global temperatures to a safe level, the OECD said action could also support the global economy.

"Addressing climate change is critical for long-term economic sustainability and healthy growth," said the OECD's chief economist, Catherine Mann, in a statement accompanying the body's latest update on the global economic outlook.

That report singled out a slowdown in China as it seeks to rebalance its economy from manufacturing and exports to services and consumption as being the main culprit behind slower global growth, along with subdued investment.

Mann said "...environmental spending would both support demand and encourage the necessary rebalancing of the global economy."

The Organisation for Economic Development and Cooperation, a Paris-based policy analysis group that represents 34 advanced economies, trimmed its forecast for global growth this year to 2.9 percent, while lowering its 2016 forecast to 3.3 percent.

Thanks to prompt introduction of stimulus measures, however, the OECD bumped up its forecast for Chinese growth this year to 6.8 percent, with 6.5 percent growth foreseen in 2016.

Slower Chinese growth has triggered a slump in commodity prices that has affected emerging economies across the world.

Mann characterised as "deeply concerning" the stagnation in global trade this has caused, as in the past this has led to global recessions.

In a section of its report on climate change, the OECD said "a strong response with decisive and coordinated policies could strengthen the recovery, with a more predictable policy environment boosting investment and research" needed to face up the possible catastrophic environmental changes if temperatures rise more than 2 degrees C.

- Growth can support climate -

It said most policy actions could be budget-neutral and potentially part of needed fiscal reforms, while green investments are pro-growth and the impact on the poor containable.

"Hence, concerns related to fiscal balance, inequality or growth should not be used as an excuse to delay policy action on climate change," said the OECD.

It called for phasing in effective emissions pricing and abolishing fossil fuel subsidies, along with increasing reasearch spending and promoting technology transfer so climate change mitigation techniques spread as quickly as possible.

Mann said "a predictable policy stance would create a more positive environment for investment that would support growth and trade, as well as put us on a path to urgently needed climate improvement."

The OECD report comes as a three-day ministerial meeting was being held in Paris to resolve differences ahead of the November 30-December 11 Conference of Parties (COP21) to a repeat of the 2009 Copenhagen summit which ended without a binding global pact.

The OECD expects global growth to strengthen slowly, picking up to 3.3 percent next year and 3.6 percent in 2017.

It forecasts growth in the United States to remain "relatively solid" at 2.4 percent this year and 2.5 percent in 2016 as private sector investment outweighing an appreciation of the dollar as interest rates rise.

Growth in the eurozone is set to strengthen but remain lacklustre, even though the OECD trimmed its forecast to 1.5 percent this year and 1.8 percent in 2016.

Japan will remain softer due to weaker demand in Asia, with growth picking up to 1.0 percent next year from 0.6 percent this year.

Brazil, hit by the collapse in commodity prices, doesn't fare nearly as well. The OECD now sees Brazil's economy contracting by 3.1 percent this year, worse than the 2.8 percent contraction it forecast in September.

For 2016 it sees a continuation of the recession with a 1.2 percent contraction.

Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Contributor
$5 Billed Once

credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly

paypal only


Related Links
All About Solar Energy at

Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks DiggDigg RedditReddit GoogleGoogle

Previous Report
Recurrent Energy secures financing for 60MW solar project
Guelph, Canada (SPX) Nov 09, 2015
Canadian Solar reports that its wholly owned subsidiary, Recurrent Energy, one of North America's largest solar project developers, closed on a debt facility with a club of banks and a tax equity investment commitment with U.S. Bancorp Community Development Corporation (USBCDC), securing financing for the 60 megawatt (MWac) Barren Ridge solar power project. Recurrent Energy will be the managing ... read more

Energy-efficient reaction drives ORNL biofuel conversion technology

Vast energy value in human waste

Chesapeake Bay Seed Capital Fund invests $150,000 in Manta Biofuel

US Ethanol Producers Looking at Thin Profit Margins for 2015-16

Humans can empathize with robots

How sensorimotor intelligence may develop

Robot's influent speaking just to get attention from you

'Spring-mass' technology heralds the future of walking robots

New Jersey is next for offshore wind energy

Scotland hosting new type of offshore wind program

E.ON finishes German wind farm

Adwen and IWES sign agreement for the testing of 8MW turbine

Fitch slashes VW ratings over poor management of pollution fraud

Making cars of the future stronger, using less energy

Moody's downgrades VW as toll from emissions scandal grows

Nissan boosts annual outlook on new models, N.America sales

A new dimension to high-temperature superconductivity

Brownian Carnot engine

NbSe2, a true 2-D superconductor

New low-cost battery could help store renewable energy

Ukraine: AREVA and ENERGOATOM Sign Memorandum of understanding

AREVA contracted for steam generator chemical cleaning at Cattenom 2

AREVA Awarded Contract for Fuel Supply to Trillo Nuclear Power Plant

Chemical complexity promises improved structural alloys for next-gen nuclear energy

World in 'uncharted territory' as planet warms 1C, CO2 at new high

U.S., China lead in emissions, IEA finds

Up to 400 bn euros needed for clean EU energy grid by 2050: study

National contributions provide entry point for the low-carbon transformation

Treetop leaves of tall trees store extra water

Peru creates huge national park in Amazon basin

OECD warns Brazil on environment, economy risks

After 5,000 years, Britian's Fortingall Yew is turning female

Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement