Lower growth is not the solution to reaching the climate goals. •  ‘Degrowth’ is sometimes advocated as a solution to climate change. •  Recent developments underline how we cannot rely on lower growth for reducing emissions. In 2020, fossil fuels consumption fell by only 5.4 per cent, despite a substantial drop in global economic activity, related to the covid-19 pandemic.
•  Growth would have to fall to an unrealistic degree to make a meaningful dent in emissions. •  Instead, policy action can shift incentives in favour of renewable energies and away from fossil fuels, such as carbon taxes and emission standards, in additional to technical solutions. Different estimates of the need for financing are illustrated in the box to the left.