Europe can revitalise its economy by a massive burst of investment in green technologies aimed at reducing emissions by 30% by 2020 on 1990 levels, according to a major new report promoted by the German Environment Ministry
By increasing investment from 18% to 22% of GDP, the report argues, a major retrofit of European building stock and reorientation of the energy grid towards renewables can spur a construction boom that will increase economic growth rates by up to 0.6% a year.
In the process, a mutual reinforcing process would take place with up to six million additional jobs being created. This would be helped by the utilisation of hi-tech industries such as nanotechnology and robotics.
'A new growth path for Europe' is the brainchild of several leading climate economists, led by Professor Carlo Jaeger of the Potsdam Institute for Climate Impact Research.
In an exclusive interview, Professor Jaeger told EurActiv that the report had taken a realistic assessment based on Europe's declining importance in the global economy.
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