Oct 28, 2008 -- Voice of America News/ContentWorks

A new report said investing in renewable energy would not only help reduce heat-trapping greenhouse gasses, but create a booming industry and help the global financial crisis. From Paris, Lisa Bryant has more on the report. The report from environmental group Greenpeace and the European Renewable Energy Council offers ambitious proposals for switching to renewable energy and conserving power. The report outlined why the groups believe doing so could help fire up the world economy, which is facing its worse financial crisis in decades. The study is being released before the international climate change meeting in December. The two environmental groups argue that through energy efficiency and aggressive use of renewable energy such as wind, solar and geothermal, the world can cut trillions of dollars in energy spending. The study claimed that before this century ends all the world's energy needs could come from renewable sources - if the political will exists to make that switch. The climate and energy policy director for Greenpeace's European office in Brussels, Joris den Blanken said the report should allay fears the costs of cutting evironmental pollution are too great. He said, "The message we are sending is that renewable energy is a win-win-win situation. It creates jobs, it reignites the destabilized economy we have now and it will also improve the structure of the economy - it will make it less dependent on fossil fuels, which are increasingly volatile. And it also reduces future emissions." Den Blanken said the report should bolster European arguments to cut greenhouse gas emissions by 20 percent by the year 2020. The groups also claim that developing countries - particularly rising heavyweights India and China - will be able to tap the energy they need to grow their economies without paying a heavy price.

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