According to the World Bank President Jim Yong Kim policies aimed at curbing climate change can boost economic growth, create jobs and save millions of lives. "Climate-smart" policies to reduce emissions of carbon dioxide in Brazil, China, India, the U.S. and European Union would increase global gross domestic product by $1.8 trillion per year, Kim said Tuesday, referring to a World Bank study released recently. "Clean transport and energy efficiency should seem like no brainers to governments all over the world", Kim said in a conference call with reporters. Tax and regulatory policies aimed at reducing global warming "make economic sense", removing "another false argumetn not to take action against climat change", he said. The world had its warmest May in more than a century as the planet's oceans also set a record heat. The release of the Eorld Bank report coincides with efforts by the EU to craft an agreement in October that would cut greenhose gases by 40 percent by 2030. It is the biggest initiative to combat global warming since the Kyoto climate treaty of 1997.