Scaling up climate action in line with the Paris Agreement would deliver a $26 trillion (£20tn) boost to the global economy by 2030.
That’s according to the Global Commission on the Economy and Climate, which calls for nations to ramp up efforts on carbon pricing, move to mandatory disclosure of climate-related financial risks and accelerate investment in sustainable infrastructure.
It also says the international community must harness the power of the private sector to support innovation and ensure the transition to a low carbon economy is fair to all people.
It estimates these actions could help generate a combined $2.8 trillion (£2.1tn) in government revenues, create more than 65 million new low-carbon jobs and avoid more than 700,000 premature deaths from air pollution per year by 2030.
Ngozi Okonjo-Iweala, Former Finance Minister of Nigeria and Co-Chair of the Global Commission, said: “Policy makers should take their feet off the brakes, send a clear signal that the new growth story is here and that it comes with exciting economic and market opportunities – $26 trillion (£20tn) and a more sustainable planet are on offer, if we act decisively now.”