Global heating will cause upwards of $38 trillion in economic damage per year by mid-century according to a study from PIK.
annual confab to celebrate fossil fuels, industry cheerleaders high-fived and chest bumped each other over the spectacular profits they see coming their way in the future. As usual, those companies have gamed the system so that the profits flow into their corporate coffers while the costs fall on the eight billion people who inhabit the Earth at present.
On the other hand, climate mitigation policy such as the Paris Climate Agreement is often evaluated by balancing the costs of its implementation against the benefits of avoiding projected physical damages. This evaluation occurs both formally through cost–benefit analyses as well as informally through public perception of mitigation and damage costs.
“Climate change will cause massive economic damages within the next 25 years in almost all countries,” Leonie Wenz, the scientist at PIK who led the study, told“We have to cut down our emissions drastically and immediately. If not, economic losses will become even bigger in the second half of the century, amounting to up to 60% on global average by 2100.”
He also says “capitalism — which regularly acts homicidally — is acting truly suicidally. Having been warned for years now, it resists every effort to rein in its excesses. As Exxon’s CEO helpfully explained earlier this year, it’s not that you couldn’t make good money from renewable energy, you just couldn’t make ‘above average returns’ because sunshine is free. So instead we’ll tank the world, and with it the world economy.
Todd Stern, a longtime American climate negotiator, said in a speech last week, “We are slowed down by those who think of themselves as grownups and believe decarbonization at the speed the climate community calls for is unrealistic. They say that we need to slow down, that what is being proposed is unrealistic. You see it a lot in the business world too. It’s really hard because those ‘grownups’ have a lot of influence.”A Thought From Mark Z.
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