Turning climate protection into an economic opportunity is crucial for the global economy, Holger Losch, an official of the Federation of German Industries (BDI), told a COP29 event titled "Competitiveness in Transformation - How to Turn Climate Protection into an Economic Opportunity to Increase Prosperity and Decent Jobs" held in Baku, Report informs.
Emphasizing the importance of maintaining competitiveness in the transition to climate neutrality, Losch noted:
"This transformation creates new growth opportunities and markets. However, this process also brings challenges for Europe's industrialized countries, especially Germany. To achieve the Paris Agreement's targets, it's crucial to make climate protection profitable for business not only in Germany and Europe but worldwide."
He added that German industry is currently under serious pressure and economic growth is weak:
"Therefore, we should see the fight against climate change not only as an environmental goal but also as an opportunity for economic development."
Losch emphasized that supporting businesses and ensuring a socially just transition during the transformation process is important:
"A successful transformation model must ensure both environmental protection and increased prosperity while maintaining competitiveness. Achieving a fair and beneficial transition for everyone is essential."
The BDI official added that turning climate protection into a business opportunity is an important means to increase the country's economic welfare and create new jobs.