Investment in green technology such as renewable energy generation should be promoted to stimulate countries' economies, according to a new report.
Deutsche Asset Management (DeAM) has urged governments not to use the financial downturn as an excuse to abandon climate change action, but rather to use emissions reduction as a way to boost their economies to avoid a severe recession.
Mark Fulton, DeAM's global head of climate change Investment Research, said: "The current crisis is making the necessity of tackling climate change an opportunity to stimulate growth through investment opportunities."
He added: "Encouraging investment in renewable energy is a key focus. Energy efficiency technologies are obviously highly desirable in economies facing recession. Infrastructure stimulus can be tied directly to climate-sensitive sectors such as power grids, water, buildings, and public transport."
E.ON is currently investing in the Robin Rigg offshore wind farm, which will be one of the biggest in Europe.
Earlier this week, prime minister Gordon Brown indicated that this was the path he would follow.
He reassured the British
Wind Energy Association that he would stick to goals to generate 15 per cent of electricity from renewables.
Mr Brown added that doing so would create a renewables market worth £100 billion and 160,000 jobs
