Study: Cost Of Climate Change To Be Much More Expensive Than Mitigating Temperature Rise

Climate change is becoming a big drag on the global
economy and a new study suggests that will keep
getting worse in the coming decades.

 It'll cost six times more money to deal with the cost of unmitigated climate change between now and 2050 than it would to keep global temperatures from reaching more than 2 degrees Celsius above pre-industrial levels. 

Doing nothing to blunt climate change would cost roughly $38 trillion per year by 2049, concluded a study published in the journal Nature.  

As Artstechnica.com reports:

"They find that we're already committed to warming that will see the growth of the global economy undercuts by 20 percent. That places the cost of even a limited period of climate change at roughly six times the estimated price of putting the world on a path to limit the warming to 2 degrees C."

A common talking point among those who are fighting efforts to limit climate is that those efforts are too expensive and a drag on the global economy.  The Nature study completely contradicts that position. 

Nations worldwide would feel the economic effects of climate change, whether it be poor developing nations and others considered to be at the top of the economic heap, like the United States and Germany. 

It's not that economies will stop growing in the coming decades due to climate change. It's just they will grow more slowly than they would have without it.

You'd think that extreme weather brought on by climate change, such as floods, powerful storms or intense hurricanes would create the brunt of the coming economic chaos. Those events would indeed have an effect the researchers concluded.

However, just the overall increase in heat distributed throughout much of the world would have the biggest effect. The added heat on balance would harm crops and hinder labor production. (Which, as an aside, makes efforts by Florida and Texas to block municipalities in those states to provide rest and water breaks for outdoor workers look especially stupid).

Southern parts of North America and Europe take an economic hit from climate change while northern reaches benefit. The minority of nations that might actually benefit a bit from global warming include Canada,  Russia, Norway, Finland and Sweden, according to the study. 

The pattern repeats in the United States. Southern states take a bigger monetary hit from climate change compared to those closer to the Canadian border, 

Much of the economic harm through the middle of this century is already locked in due to climate change. But emissions reductions done now could go a long way toward blunting economic hard after 2050 from climate change is already locked.

You can read the Nature study for yourself at this hyperlink.