SUBSCRIBE TO OUR FREE NEWSLETTER
Daily news & progressive opinion—funded by the people, not the corporations—delivered straight to your inbox.
5
#000000
#FFFFFF
5
#000000
#FFFFFF
A woman holds a poster reading, "Wake up humans, you're endangered too," at a Fridays for Future protest for climate action in Vienna, Austria on March 19, 2021. (Photo: Joe Klamar/AFP via Getty Images)
Most Economists Agree: Benefits of 'Drastic' Climate Action Outweigh Costs of Status Quo
"People who spend their careers studying our economy are in widespread agreement that climate change will be expensive, potentially devastatingly so."
Mar 30, 2021
While scientists and campaigners continue calling on world leaders to pursue more ambitious policies to cut planet-heating emissions based on moral arguments and physical dangers, a U.S. think tank released survey results on Tuesday that make a clear economic case for sweeping climate action.
"These findings show a clear economic case for urgent climate action."
--Peter Howard, Institute for Policy Integrity
The Institute for Policy Integrity at New York University School of Law invited 2,169 Ph.D. economists to take a 15-question online survey "focused on climate change risks, economic damage estimates, and emissions abatement," according to a report (pdf) on the results. Nearly three-quarters of the 738 economists who participated in the survey say they agree that "immediate and drastic action is necessary."
"In sharp contrast, less than 1% believe that climate change is 'not a serious problem,'" the report says, noting a jump in support for bold climate action now compared with a 2015 survey. "Nearly 80% of respondents also self-report an increase in their level of concern about climate change over the past five years, underscoring the high level of overall concern among this group."
Of those surveyed, 76% believe the climate crisis will likely or very likely have a negative effect on global economic growth rates. Additionally, 70% think climate change will make income inequality worse within most countries and 89% think it will exacerbate inequality between high-income and low-income countries.
"People who spend their careers studying our economy are in widespread agreement that climate change will be expensive, potentially devastatingly so," said Peter Howard, economics director at the institute and co-author of the research, in a statement. "These findings show a clear economic case for urgent climate action."
As the report details:
Respondents were asked to estimate the economic impacts of several different climate scenarios. They project that economic damages from climate change will reach $1.7 trillion per year by 2025, and roughly $30 trillion per year (5% of projected GDP) by 2075 if the current warming trend continues. Their damage estimates rise precipitously as warming intensifies, topping $140 trillion annually at a 5degC increase and $730 trillion at a 7degC increase. As expected, experts believe that the risk of extremely high/catastrophic damages significantly increases at these high temperatures.
Sixty-six percent of respondents "agree that the benefits of reaching net-zero emissions by 2050 would likely outweigh the costs," compared with just 12% who disagree. As the report says: "Costs are often cited as a reason to delay or avoid strong action on climate change, but this survey of hundreds of expert economists suggests that the weight of evidence is on the side of rapid action."
The economists also foresee a "rapid expansion of clean energy technologies" in the coming decades, and 65% of respondents expect the costs of emerging zero-emission and negative-emission tech will drop rapidly, similar to the recent developments with solar and wind energy. While a majority also expects negative-emission technologies will become viable in the second half of the century, the report notes that "a very high percentage of 'No Opinion' responses underscores the uncertainty of this projection."
"Economists overwhelmingly support rapid emissions reductions, and they are optimistic about key technology costs continuing to drop," said co-author Derek Sylvan, strategy director at the institute. "There is a clear consensus among these experts that the status quo seems far more costly than a major energy transition."
The survey comes as governments party to the Paris agreement are revising and releasing emissions pledges for the next decade ahead of a global summit in November. A United Nations report recently warned that the pledges put forth so far are dramatically inadequate. As Power Shift Africa director Mohamed Adow said: "It's staggering how far off track countries are to dealing with the climate crisis."
An Urgent Message From Our Co-Founder
Dear Common Dreams reader, It’s been nearly 30 years since I co-founded Common Dreams with my late wife, Lina Newhouser. We had the radical notion that journalism should serve the public good, not corporate profits. It was clear to us from the outset what it would take to build such a project. No paid advertisements. No corporate sponsors. No millionaire publisher telling us what to think or do. Many people said we wouldn't last a year, but we proved those doubters wrong. Together with a tremendous team of journalists and dedicated staff, we built an independent media outlet free from the constraints of profits and corporate control. Our mission has always been simple: To inform. To inspire. To ignite change for the common good. Building Common Dreams was not easy. Our survival was never guaranteed. When you take on the most powerful forces—Wall Street greed, fossil fuel industry destruction, Big Tech lobbyists, and uber-rich oligarchs who have spent billions upon billions rigging the economy and democracy in their favor—the only bulwark you have is supporters who believe in your work. But here’s the urgent message from me today. It's never been this bad out there. And it's never been this hard to keep us going. At the very moment Common Dreams is most needed, the threats we face are intensifying. We need your support now more than ever. We don't accept corporate advertising and never will. We don't have a paywall because we don't think people should be blocked from critical news based on their ability to pay. Everything we do is funded by the donations of readers like you. When everyone does the little they can afford, we are strong. But if that support retreats or dries up, so do we. Will you donate now to make sure Common Dreams not only survives but thrives? —Craig Brown, Co-founder |
Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.
While scientists and campaigners continue calling on world leaders to pursue more ambitious policies to cut planet-heating emissions based on moral arguments and physical dangers, a U.S. think tank released survey results on Tuesday that make a clear economic case for sweeping climate action.
"These findings show a clear economic case for urgent climate action."
--Peter Howard, Institute for Policy Integrity
The Institute for Policy Integrity at New York University School of Law invited 2,169 Ph.D. economists to take a 15-question online survey "focused on climate change risks, economic damage estimates, and emissions abatement," according to a report (pdf) on the results. Nearly three-quarters of the 738 economists who participated in the survey say they agree that "immediate and drastic action is necessary."
"In sharp contrast, less than 1% believe that climate change is 'not a serious problem,'" the report says, noting a jump in support for bold climate action now compared with a 2015 survey. "Nearly 80% of respondents also self-report an increase in their level of concern about climate change over the past five years, underscoring the high level of overall concern among this group."
Of those surveyed, 76% believe the climate crisis will likely or very likely have a negative effect on global economic growth rates. Additionally, 70% think climate change will make income inequality worse within most countries and 89% think it will exacerbate inequality between high-income and low-income countries.
"People who spend their careers studying our economy are in widespread agreement that climate change will be expensive, potentially devastatingly so," said Peter Howard, economics director at the institute and co-author of the research, in a statement. "These findings show a clear economic case for urgent climate action."
As the report details:
Respondents were asked to estimate the economic impacts of several different climate scenarios. They project that economic damages from climate change will reach $1.7 trillion per year by 2025, and roughly $30 trillion per year (5% of projected GDP) by 2075 if the current warming trend continues. Their damage estimates rise precipitously as warming intensifies, topping $140 trillion annually at a 5degC increase and $730 trillion at a 7degC increase. As expected, experts believe that the risk of extremely high/catastrophic damages significantly increases at these high temperatures.
Sixty-six percent of respondents "agree that the benefits of reaching net-zero emissions by 2050 would likely outweigh the costs," compared with just 12% who disagree. As the report says: "Costs are often cited as a reason to delay or avoid strong action on climate change, but this survey of hundreds of expert economists suggests that the weight of evidence is on the side of rapid action."
The economists also foresee a "rapid expansion of clean energy technologies" in the coming decades, and 65% of respondents expect the costs of emerging zero-emission and negative-emission tech will drop rapidly, similar to the recent developments with solar and wind energy. While a majority also expects negative-emission technologies will become viable in the second half of the century, the report notes that "a very high percentage of 'No Opinion' responses underscores the uncertainty of this projection."
"Economists overwhelmingly support rapid emissions reductions, and they are optimistic about key technology costs continuing to drop," said co-author Derek Sylvan, strategy director at the institute. "There is a clear consensus among these experts that the status quo seems far more costly than a major energy transition."
The survey comes as governments party to the Paris agreement are revising and releasing emissions pledges for the next decade ahead of a global summit in November. A United Nations report recently warned that the pledges put forth so far are dramatically inadequate. As Power Shift Africa director Mohamed Adow said: "It's staggering how far off track countries are to dealing with the climate crisis."
While scientists and campaigners continue calling on world leaders to pursue more ambitious policies to cut planet-heating emissions based on moral arguments and physical dangers, a U.S. think tank released survey results on Tuesday that make a clear economic case for sweeping climate action.
"These findings show a clear economic case for urgent climate action."
--Peter Howard, Institute for Policy Integrity
The Institute for Policy Integrity at New York University School of Law invited 2,169 Ph.D. economists to take a 15-question online survey "focused on climate change risks, economic damage estimates, and emissions abatement," according to a report (pdf) on the results. Nearly three-quarters of the 738 economists who participated in the survey say they agree that "immediate and drastic action is necessary."
"In sharp contrast, less than 1% believe that climate change is 'not a serious problem,'" the report says, noting a jump in support for bold climate action now compared with a 2015 survey. "Nearly 80% of respondents also self-report an increase in their level of concern about climate change over the past five years, underscoring the high level of overall concern among this group."
Of those surveyed, 76% believe the climate crisis will likely or very likely have a negative effect on global economic growth rates. Additionally, 70% think climate change will make income inequality worse within most countries and 89% think it will exacerbate inequality between high-income and low-income countries.
"People who spend their careers studying our economy are in widespread agreement that climate change will be expensive, potentially devastatingly so," said Peter Howard, economics director at the institute and co-author of the research, in a statement. "These findings show a clear economic case for urgent climate action."
As the report details:
Respondents were asked to estimate the economic impacts of several different climate scenarios. They project that economic damages from climate change will reach $1.7 trillion per year by 2025, and roughly $30 trillion per year (5% of projected GDP) by 2075 if the current warming trend continues. Their damage estimates rise precipitously as warming intensifies, topping $140 trillion annually at a 5degC increase and $730 trillion at a 7degC increase. As expected, experts believe that the risk of extremely high/catastrophic damages significantly increases at these high temperatures.
Sixty-six percent of respondents "agree that the benefits of reaching net-zero emissions by 2050 would likely outweigh the costs," compared with just 12% who disagree. As the report says: "Costs are often cited as a reason to delay or avoid strong action on climate change, but this survey of hundreds of expert economists suggests that the weight of evidence is on the side of rapid action."
The economists also foresee a "rapid expansion of clean energy technologies" in the coming decades, and 65% of respondents expect the costs of emerging zero-emission and negative-emission tech will drop rapidly, similar to the recent developments with solar and wind energy. While a majority also expects negative-emission technologies will become viable in the second half of the century, the report notes that "a very high percentage of 'No Opinion' responses underscores the uncertainty of this projection."
"Economists overwhelmingly support rapid emissions reductions, and they are optimistic about key technology costs continuing to drop," said co-author Derek Sylvan, strategy director at the institute. "There is a clear consensus among these experts that the status quo seems far more costly than a major energy transition."
The survey comes as governments party to the Paris agreement are revising and releasing emissions pledges for the next decade ahead of a global summit in November. A United Nations report recently warned that the pledges put forth so far are dramatically inadequate. As Power Shift Africa director Mohamed Adow said: "It's staggering how far off track countries are to dealing with the climate crisis."
We've had enough. The 1% own and operate the corporate media. They are doing everything they can to defend the status quo, squash dissent and protect the wealthy and the powerful. The Common Dreams media model is different. We cover the news that matters to the 99%. Our mission? To inform. To inspire. To ignite change for the common good. How? Nonprofit. Independent. Reader-supported. Free to read. Free to republish. Free to share. With no advertising. No paywalls. No selling of your data. Thousands of small donations fund our newsroom and allow us to continue publishing. Can you chip in? We can't do it without you. Thank you.