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  • Monday, September 10, 2018

    The Dollar Cost Of Climate Change

    Most economic forecasts have a big blind spot: Climate change

    Lydia DePillis, August 17, 2018 (CNN)

    “…[A growing body of research by economists and climate scientists shows that extreme weather worsened by climate change will increasingly] weigh on economic growth…The most recent study to quantify the economic impact of the carbon emissions that spur climate change…found that every one degree increase in average summer temperatures decreases annual state-level output growth by between 0.15 and 0.25 percentage points…That snowballs over time. If meaningful action isn't taken to curb emissions, [cumulative US economic growth across a range of industries] will be a third lower than it would otherwise have been by the end of this century — or sooner, if warming accelerates even faster [than expected, according to Federal Reserve Bank of Richmond economists. Wall Street analysts] don't obsess about climate change like they do about the impact of tax cuts or tariffs…[But climate impacts on growth could be significant on some closely watched forecasts, like the Congressional Budget Office’s ten-year outlook]…” click here for more

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