The second way deniers try to deny the AGW paradigm
. Economic denial
The idea that climate change is too expensive to fix is a more subtle form of climate denial. Economists, however, suggest we could fix climate change now by spending 1% of world GDP. Perhaps even less if the cost savings from improved human health and expansion of the global green economy are taken into account. But if we don’t act now, by 2050 it could cost over 20% of world GDP.
We should also remember that in 2018 the world generated US$86,000,000,000,000 and every year this World GDP grows by 3.5%. So setting aside just 1% to deal with climate change would make little overall difference and would save the world a huge amount of money. What the climate change deniers also forget to tell you is that they are protecting a fossil fuel industry that receives US$5.2 trillion in annual subsidies – which includes subsidised supply costs, tax breaks and environmental costs. This amounts to 6% of world GDP.
The International Monetary Fund estimates that efficient fossil fuel pricing would lower global carbon emissions by 28%, fossil fuel air pollution deaths by 46%, and increase government revenue by 3.8% of the country’s GDP.
This is a re-post from The Conversation by Mark Maslin, Professor of Earth System Science, UCL
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