Climate change is expensive. It is predicted to cost the US alone hundreds of billions of dollars each year . This will also effect how much people earn, with the poor being hit harder than the rich . But how much? What about global numbers?
To answer that, we use “GDP” as a comparison; GDP measures the value of all products and services produced in a region in a year. GDP is also often said to indicate development and well-being . It is true that there is some correlation between GDP and human well-being, but there are too many exceptions to say one fully indicates the other [5, 6].
Let’s look at some global numbers and ask the question: how much cheaper is 1.5°C warming than 2.0°C warming?
In 2018, the global GDP was $80 trillion . With warming of 2°C, it is likely that the GPD in 2100 will be $20 trillion lower (at 3% inflation) than it would be if warming was at 1.5°C then . In today’s money, that would be $1.39 trillion. It will likely be substantially worse if warming is higher than 2°C .
What we want to say is simple, and economists agree: Slowing climate change now is probably cheaper than fixing the damages later . No room for procrastination here.
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