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Climate Crisis, Credit Crisis: The Quest for Green Growth

Authors: Karen Kornbluh, Senior Fellow for Digital Policy, Kemal Dervis, Sarah Puritz, and Abigail Jones
April 2010
Brookings Institution Press


As the global economy struggles to sustain its recovery from the deepest recession in sixty years, another challenge looms large: preventing the Earth from warming more than 3.6 °F, widely considered by climate experts as the acceptable level to reduce the risk of irreversible global damage resulting from climate change. To meet these challenges, we must look beyond our national borders, recognize that we face an uncertain future, and collaborate to ensure our collective well-being. Our success or failure will depend both on our timeliness and resolve—and will shape the fate of our planet for years to come.

Although tentative signs of recovery from the global financial and economic crisis are gaining strength, policymakers around the world are still grappling with the effects of the crisis on the real economy. In the United States, unemployment is still historically high and credit is still constrained. The International Labor Organization predicts that employment levels in those countries with a high gross domestic product (GDP) per capita will not return to pre-crisis levels before 2013. And social protection programs are suffering as nations must find ways to cover budget shortfalls.

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