According to a scorching new report in Nature, the updated cost of climate change to the global economy is estimated at USD 16 trillion over the next several years as harmful emissions continue upward.
EPA estimates as it turns out had been far too low in the US. But what is also interesting is that northern countries, including Russia and Canada, are benefiting in some ways from warming temperatures, while southern ones, especially India, are paying an exorbitant price for warming in many instances.
Therefore, the Paris Treaty’s 1.5 degree celsius limit is now too low to preserve our happiness, prosperity and way of life and more drastic measures must be taken now as current regimes ignore sound science data and facts at a scorching and flooding 3-degree-celsius pace that makes matters far worse for successors and everyone.
We all need to work together to make sure decision makers at all levels of government worldwide have the facts to make conscientious decisions.
Upcoming elections in many countries as well as the Climate-Change Summit in Poland in December may provide stronger and louder mandates for changing the irresponsible status quo.
Politicians have a responsibility to be guided by sound scientific facts when making laws and implementing policies now more than ever in the wake of the latest round of extreme weather events.
The cost of carbon, however, is developing a market value already at USD 20 in the EU which leads the way in implementing carbon-capture technologies to benefit society with new and emerging products.
One interesting case that highlights backward, ongoing foolish policies at various levels of government is Puerto Rico with its extreme dependency on fossil fuels that is tragic, costly and highly inefficient.
98 percent of the island’s energy comes from imported fossil fuels with blooming carbon footprints from distribution as well. With its location to the equator it is time to invest more in renewable energy and specifically solar which would be less costly and better for the environment.
Top-down approaches work best in the global economy when individuals push through unrelentingly sound scientific facts to improve policy making at any level of government as well as exemplying better relations with one’s own environment, including lowering one’s own carbon footprint where possible.
In any event, the upcoming summit in Paris between world leaders, including Donald Trump and Vladimir Putin, would likely accelerate their growing disapproval ratings in both countries as one leading economist says in a likely rearranging of chairs on the Titanic and especially in terms of sound global climate-change policies that would provide responsible growth and peace of mind for the benefit of everyone.
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