As the Congress debates on how much money to spend on fighting climate crisis, the climate experts are warning everyone that the cost of doing nothing would be much higher.
The federal government estimated that US could lose up to 10 percent of its gross domestic product (GDP) or total economic output in the frequent and severe weather events caused by the climate change, by the end of the century. The study reports which estimated the loses also indicated that the joint and ambitious efforts to prevent the climate change catastrophes could diminish some of the loses mentioned.
The loss in GDP per capita could be limited to a 1.1 percent if the countries reduced their greenhouse gas emissions to what what was agreed in the 2015 Paris Climate Agreement. Environmentalists say that the Build Back Better agenda of President Biden’s administration would make way for the country to encourage utilities to switch from coal to renewable energy.
The measures to encourage consumers to buy electric vehicles will also contribute to the overall effects of the agenda to lead the country on the path it committed to, in the 2015 Paris Agreement, with half the greenhouse gas emissions reduced by the year 2030.
In the United States alone, the cost of damage from natural disasters will exceed 100 billion dollars, with a summer of unprecedented incidents like heat waves, hurricanes and wildfires this year. Last year, US had recorded a high loss of 99 billion dollars. These numbers do not account for the lives that had perished in these severe weather events.
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