UN Calls for Green Investments Of 2 Percent of Global Economic Output

The United Nations is calling for funding of renewable energy projects equal to 2 percent of world economic output, saying such investments would more than pay for themselves by creating new jobs, boosting economic growth, and improving health through cleaner air. The United Nations Environment Program said that the two percent investment in green energy, totaling $1.3 trillion annually, would enable the world economy to grow at a rate equal to or higher than current projections of economic growth. Indeed, the report labels the current heavy investment in fossil fuels a “gross misallocation of capital.” The UN’s call for action is expected to be matched by statements from U.S. President Barack Obama, Chinese President Hu Jintao, and several heads of multinational companies. The UN report was released on the same day that the German government was expected to issue a study warning that Europe will continue to experience low rates of economic growth unless investment in renewable energy is increased.