UK Report: Cost of Stopping Climate Change = Pennies a Day (Less than Inaction)
A UK Committee on Climate Change (CCC) report this week came out and showed that UK emission reductions would cost 1 to 2 percent of the country’s total GDP, just pennies a day per capita. “Statutory Advice on Inclusion of International Aviation and Shipping” reconfirms estimates made by the widely cited Stern Review half a decade ago.
The emissions reduction referenced is the UK’s 80% reduction on 1990 levels by 2050.
Here’s more from Mother Jones:
“It’s a very compelling economic case to act,” says David Kennedy, CEO of the CCC, an independent statutory body charged with advising parliament on all things climate. “You don’t need radical behavior and lifestyle change to achieve our climate objectives.”
“It’s a very, very small impact on growth. And what you get for that is a whole range of economic benefits.”
This table from the report details the cost in 2050 of meeting emissions reductions in a few different scenarios, including if fuel prices are high or low:
For people who make wild claims about the cost of action, Kennedy writes: “They talk about the economy being closed down, about an ‘end to growth,’ Well, that is frankly nonsense, and the debate should be around the correct number.”
Of course, many have found that the costs of inaction are far, far greater than the cost of action.
“A 2009 survey of 289 of the world’s top economists with expertise on climate change found broad consensus that the benefits of action outweighed the cost.”
I’ve covered the overwhelmingly cheaper option of climate action a few times recently here on Planetsave. Here’s a top article on that if you are interested in reading more on this topic: Economist Nordhaus Corrects WSJ Global Warming Nonsense.