Not to mention that the unrest in the Middle East confirms what many of us (including James Woolsey former head of the CIA) have been saying for a decasde or more; that we are too reliant on oil and need to move quickly to diversif our energy resources.
"More proof that addressing climate change is economically advantageous:
Increasing the EU’s 2020 greenhouse gas reduction target from 20% to 30% could help boosting European investments from 18% to 22% of GDP, leading to a GDP increase of up to €620bn ($840bn) and the creation of up to 6 millions additional jobs. These are the key findings of a report launched today.
The report, A New Growth Path for Europe - Generating Growth and Jobs in the Low-Carbon Economy, was commissioned by the German Federal Ministry of the Environment, Nature Conservation and Nuclear Safety, and conducted by an international consortium of researchers led by Professor Carlo C. Jaeger from the Potsdam Institute for Climate Impact Research (PIK).
Traditional models assume a ‘single stable equilibrium’, where investments are determined by an assumption of business-as-usual economic trends. The financial crisis however has exposed the fact that different expectations can lead to different investment behaviors, turning those expectations into self-fulfilling prophecies. The new model highlights the importance of policy in shaping investors’ expectations, leading to a virtuous circle of increased investments, faster ‘learning by doing’ in technology and manufacturing and enhanced expectations by investors in the market."