André Corrêa do Lago, a veteran climate diplomat in Brazil, has warned that humanity's greatest threat is no longer climate denial, but rather, the widespread belief that the economy can't be restructured to benefit the planet. 

How could economic denial slow climate progress?

"There is a new kind of opposition to climate action. We are facing a discredit of climate policies. I don't think we are facing climate denial," Corrêa do Lago told the Guardian in an exclusive interview. "It's not a scientific denial, it's an economic denial."

Some people or industries — especially those that have profited immensely from our current system, such as fossil fuel companies — actively resist actions to address the climate, arguing that it will harm the economy. These groups tend to prioritize short-term benefits over long-term economic and environmental health and deny the severity of the crisis. 

The fossil fuel industry and others that rely heavily on oil and gas have spent millions on disinformation campaigns to cast doubt on climate science and delay progress toward a more sustainable future, often saying it would be too expensive to switch to renewable energies. 

However, a joint report by the Organization for Economic Co-operation and Development and the UN Development Programme found just the opposite was true. According to the findings, if nations can reduce pollution enough to keep the global temperature rise well below 2 degrees Celsius (3.6 degrees Fahrenheit), it "could prevent significant economic losses and increase global GDP by up to 3% by 2050 and up to 13% by 2100."

A 2024 study published in Nature found that achieving the target of keeping global heating below the 2-degree threshold would be six times less expensive than doing nothing. 

Why is a clean energy economy important?

Transitioning to clean energy isn't only better for the planet, but also benefits communities by creating jobs, stimulating economic growth, and helping us withstand climate impacts through infrastructure improvements. As the reports above noted, it does require an upfront investment; however, the cost of inaction is far greater when considering not only the likely toll on human lives and property but also the overall economic impact.  

Oil and gas companies are well-positioned to lead in the clean energy transition, as they possess the extensive skills and knowledge necessary to support large-scale renewable projects, hydrogen production, and decarbonization solutions, according to management consulting firm McKinsey and Company. 

If fossil fuel companies are willing to invest in renewable energy, it will be much easier to reach our climate targets and work toward a cleaner, safer future. With oil and gas stocks underperforming and green tech solutions outpacing older systems, it seems inevitable that dirty fuels are on their way out. 

But with a clean energy economy, industries, communities, and the environment will all benefit. 

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How you can support a healthier climate

You can play a vital role in the transition by switching to energy-efficient appliances, installing solar panels, or even something as simple as unplugging appliances when you're not using them — all of which can save money on energy bills and reduce your home's pollution footprint.

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