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Growth Commission Report: Technology is the Key to Coping with Global Warming and Growth

Thegrowthreport21 May 2008: The Commission on Growth and Development has released its report entitled “The Growth Report: Strategies for Sustained Growth and Inclusive Development,” in which it analyzes, among other issues, whether deve loping countries can grow as fast as the fastest growing economies without causing global greenhouse gases to spiral out of control.

The answer is negative unless technology and new techniques are used to “radically” reduce the amount of energy needed to produce goods, as well as cut carbon dioxide emissions, says the report. “That is the only way developing countries can grow rapidly without subjecting the world to potentially catastrophic global warming,” it adds. The report says that uncertainties about the impact of climate change and the cost of cutting carbon will be resolved over time. It therefore recommends that the world should not lock itself into precise, quantitative commitments for the far-flung future. “It should anticipate that information will improve – and leave some options open.” The report is the result of two years work on the requirements for sustained and inclusive growth in developing countries led by 19 experienced policymakers and two Nobel prize-winning economists. [The Growth Report] [World Bank press release, 21 May 2008]