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Fighting global warming could benefit world economies

12/Oct/2006: An oil company-sponsored report released yesterday, said that fighting global warming would actually benefit the British economy by enhancing its business potential and will not make it bankrupt, as widely believed.

The report published by Shell UK, a subsidiary of Royal Dutch Shell PLC, as a part of its Springboard project to encourage business action on global warming, said that the cost of fighting global warming will amount to 0.3% of Britain’s GDP, but it would translate in to business opportunities worth $55 billion over the next decade.

According to this report, business opportunities lie in developing products and systems to comply with regulations on energy use, which includes use of biofuel for road transport, renewable energy generation and stringent building standards. The report added that these business opportunities would be worth a trillion dollars in the next five years, globally.

James Smith, Chairman of Shell UK, said in an interview with BBC radio, that the cost-benefit equation of combating global warming is favorable not only in UK, but also in other countries around the globe. The report proposed that the government should offer prizes to encourage innovation in tackling global warming, just like it did in 1714, when the government offered a reward to the person who solved the problem of measuring longitude.

According to this report, the main value of the prize does not lie in the prize money, but in having some of the most important problems related to global warming, addressed, and in recognizing people for their innovation. The report suggested that prizes could be offered in several categories like energy supply, industry, transport, buildings etc.

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