A new study by the Organisation for Economic Co-operation and Development and the United Nations Development Programme found that the global GDP could increase by 0.2% if the UN commits to accelerated climate action.
According to their findings, well-designed climate policies could cut pollution and enhance efficiency, productivity, and innovation.
The study found that the economic impact of policy-driven price and consumption changes would be offset by the productivity and innovation produced by these actions.
While a 0.2% increase may not seem like a lot on the surface, on a global level, according to Reuters, this increase would be equivalent to the size of Sweden's economy.
This study comes in light of the gathering of ministers from around 40 countries in Berlin for the Petersberg Climate Dialogue, which is set to focus on preparations for the UN climate conference in Brazil later this year.
The study warns that poorly constructed climate policies could delay private investment and cut GDP by 0.75% within the next five years.
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These findings are a hopeful sign that the UN will reach agreements to enact meaningful, clear, and effective climate action.
Many of these world leaders ultimately care primarily about their bottom line, and with data to support that there are real financial benefits to be gained from enacting climate change policies, it is more likely than ever that these leaders will work together to focus on climate action.
These findings are also huge for getting world leaders who are pro-climate activism but worried about the financial ramifications to get fully on board with accelerating climate action.
German foreign minister Annalena Baerbock said in a statement, "Anyone who dismisses climate action in these turbulent times as being expensive, onerous, or superfluous cannot count."
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Baerbock has also stated that the Petersberg conference would focus on implementing the goals set at the Dubai climate summit in 2023, which include a deal to transition away from dirty fuels and an agreement to triple global renewable energy capacity.
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