If global warming reaches around 3°C toward the century’s end, the toll on human lives could be significant, disproportionately impacting the most vulnerable and leading to loss of productivity and employment, food and water scarcity, worsening health and well-being, and ushering in an overall lower standard of living globally.
Deloitte’s Global Turning Point Report is based on research conducted by the Deloitte Economics Institute. The report analyzed 15 geographies in Asia Pacific, Europe, and the Americas, and found that if global leaders unite in a systemic net-zero transition, the global economy could see new five-decade gains of US$43 trillion, a boost to global GDP of 3.8 percent in 2070.
Transforming the economy for a low-carbon future will require extensive coordination and global collaboration throughout industries and geographies. Governments will need to collaborate closely with the financial services and technology sectors – leading the charge on sustainable progress through global policymaking, greater investment in clean energy systems, and a new mix of green technologies across industries. According to the Deloitte Economic Institute’s research, collectively pivoting from an economy reliant on fossil fuels to an economy primarily powered by renewable energy would spur new sources of growth and job creation. Global cooperation and regulation are vital to setting the stage for a successful transformation.