After greenhouse gas emissions have stopped rising, experts believe that it didn’t affect the global economy the way industry leaders say it would. Despite the warnings of a business lobby that reducing greenhouse gases could cost a lot, there are a good number of signs that market forces and capitalism are saving the world from climate change and global warming.
The International Energy Agency released new data showing the amount of carbon dioxide produced didn’t increase in 2014 despite the growth of the global economy.
The IEA report said, this is “the first time in 40 years in which there was a halt or reduction in emissions of the greenhouse gas that was not tied to an economic downturn.”
For quite a while, it was known the world over that Europe has been making progress with regard to reducing or at least managing greenhouse gases. This has led politically motivated governments to do something to minimize the use of carbon-based fuels. Aside from that, Europe has implemented regulations that encourage people and business to make homes and workplaces energy efficient. They have also spent billions in bringing in more wind and solar companies.
Meanwhile in North America, many believe that any efforts to fight climate change will only adversely affect the economy. In fact, critics say that the cost of reducing or controlling global warming would be worse than this phenomenon itself. However, the IEA study shows that these speculations are wrong. This is because their research shows that not only are the efforts to win over the climate change battle working, but results are also showing no signs of economic devastation.
The IEA discovered that greenhouse emissions fell four percent despite the growth of the Organization for Economic Cooperation and Development. Last year, when the global production of carbon dioxide remained steady, the world economy actually grew three percent.