A pair of US economists, William Nordhaus and Paul Romer, share the 2018 Nobel Prize in Economic Sciences for integrating climate change, and technological change, into macroeconomics, which deals with the behavior of an economy as a whole. Nordhaus, at the University of Yale in New Haven, Connecticut, is the founding father of the study of climate change economics. Economic models he has developed since the 1990s are now widely used to weigh the costs and benefits of curbing greenhouse gas emissions against those of inaction. Romer, who is at the NYU Stern School of Business in New York, was honored for his work on the role of technological change in economic growth. The economist is best-known for his studies on how market forces and economic decisions facilitate technological change. Read morehere.
The report examines how the impacts and damages of climate change across a number of sectors in the United States can be avoided with global action. The findings include:
Global action on climate change reduces the frequency of extreme weather events and associated impacts. For example, by 2100 global action on climate change is projected to avoid an estimated 12,000 deaths annually associated with extreme temperatures in 49 U.S. cities, compared to a future with no reductions in greenhouse gas emissions. This is more than a 90 percent reduction from what we would expect with no action.
Global action now leads to greater benefits over time. The decisions we make today will have long-term effects, and future generations will either benefit from, or be burdened by, our current actions. Compared to a future with unchecked climate change, climate action is projected to avoid approximately 13,000 deaths in 2050 and 57,000 deaths in 2100 from poor air quality. Delaying action on emissions reductions will likely reduce these and other benefits.
Global action on climate change avoids costly damages in the United States. For nearly all of the 20 sectors studied, global action on climate change significantly reduces the economic damages of climate change. For example, without climate action, we estimated up to $10 billion in increased road maintenance costs each year by the end of the century. With action, we can avoid up to $7 billion of these damages.
Climate change impacts are not equally distributed. Some regions of the United States are more vulnerable than others and will bear greater impacts. For example, without action on climate change, California is projected to face increasing risk of drought, the Rocky Mountain region will see significant increases in wildfires, and the mid-Atlantic and Southeast are projected to experience infrastructure damage from extreme temperatures, heavy rainfall, sea level rise, and storm surge.
Adaptation can reduce damages and costs. For some sectors, adaptation can substantially reduce the impacts of climate change. For example, in a future without greenhouse gas reductions, estimated damages from sea-level rise and storm surge to coastal property in the lower 48 states are $5.0 trillion dollars through 2100. With adaptation along the coast, the estimated damages and adaptation costs are reduced to $810 billion.
The report is a product of the Climate Change Impacts and Risks Analysis (CIRA) project, led by EPA in collaboration with the Massachusetts Institute of Technology, the Pacific Northwest National Lab, the National Renewable Energy Laboratory, and other partners. The CIRA project is one of the first efforts to quantify the benefits of global action on climate change across a large number of U.S. sectors using a common analytic framework and consistent underlying data inputs. The project spans 20 U.S. sectors related to health, infrastructure, electricity, water resources, agriculture and forestry, and ecosystems.
Excerpt Carpooling, using public transportation and turning off the lights are a few of the small lifestyle changes people can make to help curb climate change, Pope Francis said Thursday in an encyclical on the environment.
The Rev. Kim Morrow, executive director of Nebraska Interfaith Power & Light, said those types of changes would help solve the problem but, “We have to look at the scale of the crisis.”
Nebraska’s businesses and economy face a great risk due to climate change, according to a new risk management study that assesses the impacts of climate change on jobs, crop yields, infrastructure, and energy production.
A bi-partisan group including former New York Mayor Michael Bloomberg, former Wall Street titan and Treasury Secretary Henry Paulson, and other prominent businesspeople and public officials launched the Risky Business Project that developed this study called “Risky Business.”