Global Warming Price Tag Hits $215 Trillion
The cost to keep the Earth’s temperature at slightly above the level scientists believe is catastrophic is $215 trillion. That is according to a new study from BloombergNEF’s
It issued its new New Energy Outlook, which shows that between now and 2050, it will require a $215 trillion investment to keep rising temperatures at 1.75 degrees C above preindustrial levels. Even at that level, the climate will have been severely damaged by 2050. The research also shows that the investment is modest if actions to slow global warming are taken at that time. If not, the problems and financial solutions will get much worse. The new figure is up from earlier forecasts because too little has been done to save the environment.
How does the calculation work? The authors write…” estimates the world must invest $215 trillion by 2050 to zero out carbon emissions and limit global heating to a merely disastrous 1.75 degrees Celsius above preindustrial averages.”
Climatecrisis247 believes that, even if the figure is incorrect, it represents the approximate investment needed to slow or stop global warming. The Bloomberg number is ten times the current US GDP, meaning the $215 trillion may not be available.
Reaching the goal is nearly impossible. Last year, global GDP was about $102 trillion. Even if each large nation could contribute $1 billion a year and many smaller ones contribute hundreds of millions, the amount would barely meet the approximately $8 trillion needed yearly.
This is another example of a goal that cannot be reached, even if the world’s countries were mobilized. And they are not.
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