New Report on the Costs of Climate Change
Image source: nrdc.org
The Cost of Climate Change: What We’ll Pay if Global Warming Continues Unchecked is a study of the costs of inaction for the US economy by Frank Ackerman and Elizabeth A. Stanton, commissioned by the Natural Resources Defense Council (NRDC). The report presents a detailed analysis of four major categories of climate costs, and a comprehensive modelling of the impacts of climate change on the economy as a whole.
Under business-as-usual conditions, with no new climate policies, the four cost categories – increased hurricane damages, residential real estate losses due to sea-level rise, increased energy costs, and water supply costs – will add up to $1.9 trillion (in today’s dollars), or 1.8 percent of U.S. output per year by 2100.
The modeling employs the PAGE model used in the Stern Report, a revised version of which forecasts even greater impacts of as much as 3.6 percent of U.S. GDP, or $3.8 trillion in today’s dollars, by 2100.