Spending on “green infrastructure” will be the key to avoiding a severe recession according to a new study published by Deutsche Bank’s Asset Management division. The report will scare the climate sceptics who are still hoping that the financial crisis will kill the world’s climate efforts and the EU’s climate/energy package.
Necessity and opportunity should drive governmental responses to the dilemma of saving the economy or saving the planet, say the DB researchers:
“The necessity to act now to mitigate and adapt to climate change has taken on even greater urgency than a year ago. With carbon levels at record highs, new research has shown that we are moving toward a tipping point that could set off a self-sustaining cycle of rapid global warming. Without significant and immediate action, this tipping point is perhaps only 15 years away.
The opportunity is timely. We believe that, when combined with energy security, climate change policies will play a role in government efforts to stimulate their economies in 2009. Governments now have an historic opportunity to define long-term regulatory frameworks to encourage private investment in climate change initiatives. Additional opportunity exists for governments to boost their economies by funding infrastructure projects that will serve to foster energy independence and climate-proof their economies.”
Are our Polish and Italian prime ministers listening?