A $75 Trillion Price Tag To Address Global Warming
Treasury Secretary Janey Yellen said the world’s move to a “low carbon” economy would cost $3 trillion between now and 2050. That was not $3 trillion for the entire period. It is $3 trillion a year, or about $75 trillion between now and then. Put into perspective, the US GDP this year will be about $28.6 trillion. That means Yellen’s goal is nearly impossible.
More Olympic News –Heat Challenges
Where does Yellen think this pool of money will come from? The answer is private and public investments. And it will come because of the promise of huge profits. According to Fox News, Yellen said, “Wealthy economies around the world provided a record-setting $116 billion in climate finance for developing countries in 2022, about 40% of which came from multilateral development banks (MDBs).” That is barely a fraction of what she said would be required to hit the $75 trillion figure. These costs will also hit the insurance industry with billions in losses.
Fossil Fuels
And what about the private sector? There is ample proof that companies make hundreds of billions of dollars on fossil fuels. There is much less profit in renewable energy, at least for now. In the last few years, there has yet to be much to show that the riches of the fossil fuel industry will not draw the majority of energy investment. Meanwhile, the money for solar, wind, and nuclear energy is rising, and the dollar amounts are far too low for them to overtake fossil fuels in the next decade or perhaps beyond. The solar industry faces huge costs.
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