The U.N.’s Intergovernmental Panel on Climate Change said that efforts to stabilize levels of greenhouse-gas emissions would require investments of about $13 trillion through 2030. It also noted that reducing emissions would reduce the rate of economic growth (as a result of such factors as higher energy prices). But it would do so by, on average, less than a tenth of a percentage point per year between now and 2100.
Switching from fossil fuels to low-carbon sources of energy will cost $44 trillion between now and 2050.
Aside from delays in action, many other factors will increase costs. Costs will go up if countries don’t all work together. They’ll also increase if technologies don’t work as expected. The most glaring example has to do with technology for capturing and storing carbon dioxide. According to the IPCC, if this technology can’t be deployed, the cost of stabilizing greenhouse-gas levels will more than double.
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Switching from fossil fuels to low-carbon sources of energy will cost $44 trillion between now and 2050.
Aside from delays in action, many other factors will increase costs. Costs will go up if countries don’t all work together. They’ll also increase if technologies don’t work as expected. The most glaring example has to do with technology for capturing and storing carbon dioxide. According to the IPCC, if this technology can’t be deployed, the cost of stabilizing greenhouse-gas levels will more than double.
Read more »
