Failing to seize this opportunity will lock in C02 emissions for decades to come, implying significantly higher social and economic costs of mitigation action (OECD, 2012a). These additional costs are limited compared to the potential impacts of climate change if this action is not taken (Dellink et al., In addition, low-carbon infrastructure would bring many other benefits: better mass transport in cities can reduce congestion and air pollution, distributed renewable energy infrastructure projects can improve access to energy in developing countries while lowering emissions, improving indoor air quality and stimulating innovation through technology transfer and international co-operation (OECD, 2011, 2012a, 2015a), and making buildings more energy efficient could reduce energy costs. These long-term costs and benefits should be fully taken into account.