Climate change will boost the global economy and dominate financial markets
over the next 25 years, a leading investment bank has predicted.
In a new report, Barclays Capital challenges the conventional wisdom that global
warming will have a devastating impact on economic growth. It believes the need
to increase energy capacity by 50 per cent by 2035, while simultaneously
reducing dependence on hydrocarbons, will spark an "energy revolution"
reminiscent of the technology revolution which led to the dot.com boom.
"If ever the time were ripe for such an energy revolution, it is now," said Tim
Bond, global head of asset allocation at Barclays Capital, and author of the
report. "And like all historical adoptions of general purpose technologies, the
process should prove immensely stimulative to economic growth."
Mr Bond says that those who couch the climate change debate in terms of the cost