WorldClimate inaction costs more than taking strong action, economists...

Climate inaction costs more than taking strong action, economists say

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Demonstration for a “real” climate law, in Paris on March 28, 2021. – ISA HARSIN / SIPA

Acting against global warming will be less costly for the economy than inaction, estimate more than 700 international economists specializing in the question in a survey published on Monday. Of 738 economists surveyed by New York University’s Institute for Policy Integrity, 66% agree that the benefits of a net reduction in emissions by 2050 would outweigh the costs.

Among them, 74% say that “immediate and draconian” action is needed to reduce greenhouse gas emissions, up from 50% of them in 2015. “People who have spent their careers studying science. economy broadly agree that climate change will be expensive and potentially devastating, ”said the director of the institute that conducted the survey.

Towards an increase in inequalities

If the current rate of global warming continues, economic damage will reach $ 1.7 trillion per year by 2025 and approximately $ 30 trillion per year by 2075, according to the median of the projections of economists polled in the survey, all authors of studies on climate change in economic journals. The economic consequences of climate inaction would exacerbate income inequalities between rich and poor countries, according to 89% of researchers.

Within countries themselves, around 70% of these economists also believe that climate change will increase inequalities between the working classes and the better-off. Economists nevertheless remain optimistic about the rapid development of clean energy, estimating that more than 50% of the global energy mix will be made up of zero-emission technologies by 2050, the current share being around 10%.

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