McKinsey Study Outlines Path To New, Green Economy

NAW Staff, Tuesday 27 January 2009 - 01:00:00

McKinsey and Co. has issued a report that outlines a path toward creating a green economy by showing how current technology, if fully deployed, could dramatically reduce greenhouse gas (GHG) emissions. Many of the technologies identified in the report would provide savings to consumers and create thousands of new, green-collar jobs.

"If the policies were in place to force the broader deployment of the technologies highlighted in this report, thousands of new jobs would be created across the country," says Richard Moss, vice president for climate change at World Wildlife Fund.

The report, "Pathways to a Low Carbon Economy," lists more than 200 opportunities, across 10 sectors and 21 geographical regions, that have the potential to cut global GHG emissions by 55% below 1990 levels by 2030 - a reduction of 70% from the business as usual scenario. The study was supported by 10 sponsors, including WWF and energy, automotive and technology companies.

By 2030, wind, solar and other sustainable renewable energy sources could be rapidly scaled up, while energy efficiency could reduce greenhouse gas emissions by more than a quarter. The report states that deforestation in developing countries, the source of nearly 20% of global emissions and a major threat to sustainable development, could be almost fully halted.

McKinsey concludes that the total cost of implementing all of the measures contained in the report would be less than one half of 1% of global gross domestic product. However, the report does not include the economic costs that would result from escalating climate change impacts if emissions are not reduced.

The McKinsey study has been extensively peer-reviewed by scientists, economists and expert bodies, including WWF.

SOURCE: World Wildlife Fund

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