Cost of doing nothing about global warming: up to $3.6 trillion a year for losses in the U.S.

(Photo of damage from Hurricane Katrina from Flickr and and photographer SAsqrd/Steve.)

Weekly Angst: Every time I hear that it will cost too much to fight climate change and will “wreck the economy,” I say to myself (or sometimes out loud), “But what will it cost if we DON'T do anything?” So I was happy to see that Tufts University has just released a report on the cost of doing nothing, commissioned by the Natural Resources Defense Council.

The study determined that continuing business-as-usual in terms of greenhouse gases could end up costing the U.S. economy as much as $3.6 trillion a year by the end of the century.

They also estimated that the cost of four major climate change impacts – coastal hurricanes, real-estate damage from rising seas, increased energy costs to meet hot temperatures, and water scarcity – would rise over time and could cost $1.9 trillion annually by 2100. The breakdown for that year:
• Hurricane damages $422 billion
• Real estate losses: $360 billion
• Increased energy costs: $141 billion
• Water costs: $950 billion

Other hard-hit sectors include tourism and agriculture.

“The longer we wait, the more painful and expensive the consequences will be,” said Dan Lashof, director of NRDC’s Climate Center.

The report predicted an average temperature increase of 13 degrees Fahrenheit in most of the U.S. in the next century and 18 degrees in Alaska, which is warming faster. Seas were predicted to rise 23 inches by 2050 and 45 inches by 2100, engulfing coastlines.

If global warming continues unchecked, the analysis found, New York City will have the climate of Las Vegas, and San Francisco will feel like New Orleans.

“Climate change is on a collision course with the U.S. economy,” warned Frank Ackerman, lead author of the study. The researchers used a new British model for figuring overall costs. They looked at economic losses, non-economic damages and the increased risk of catastrophe.

Climate disasters
And speaking of the increased risk of catastrophe, an op-ed piece in the New York Times Saturday by Charles M. Blow pointed out that we’re already experiencing more costly extreme weather disasters.

There have been four times as many weather disasters worldwide in the past 30 years as in the preceding 75, he said, citing the Center for Research on the Epidemiology of Disasters. The U.S. has suffered most of them.

Of the 30 costliest hurricanes in the U.S. history, 10 have occurred since 2000, according to the National Hurricane Center. The worst year, of course, was 2005 (Katrina et al), with an estimated $39 billion loss.

Report’s recommendations
But getting back to the Tufts/NRDC report – it concludes with three overriding recommendations for action:
1. Enact comprehensive mandatory limits on global warming pollution to stimulate investment and guarantee that we meet emission targets.
2. Overcome barriers to investment in energy efficiency.
3. Accelerate development and deployment of emerging clean energy technologies.

Do it and do it now. Then we can avoid most of these costs (not all, though, because GHG in the atmosphere now will be there for many years.) And, of course, it’s not just financial cost. Think about the human cost of all these disasters. It’s mind-boggling.

Download the report.

(Sources: NRDC, Greenwire, New York Times)