Climate change and economic cooling
A new report urges governments to take action to keep the global temperature rise under 2 °C in this century.
A global rise in temperature of 2 °C could cost $20 trillion annually by the end of the century, according to a report by Tufts University’s Global Development and Environment Institute. Despite its enormity, this figure does not take into account losses of biodiversity or unpredictable events, such as the collapse of the Gulf Stream.
The report, Climate Change—The Costs of Inaction [264KB PDF], was commissioned by the U.K. Friends of the Earth to incorporate “the very latest scientific and economic thinking on climate change.” Global temperatures have already risen by 0.6 °C above preindustrial levels, and most scientists agree that average temperatures will rise 2–6 °C by the end of the century.
The report finds that spending comparatively small sums now—$3 trillion annually—could stave off annual expenditures of 4 times that amount in the next century. It also stresses that warming beyond 2 °C will be “much more dangerous”.
