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Trillions in Savings Anticipated From Projected Emissions Reductions

Inside Climate News: “Global action to reduce carbon dioxide has produced at least $60 billion in economic benefits to the U.S. in the last five years, according to a new analysis. It also concludes that current rates of  emission reductions worldwide could contribute another $2 trillion in the next 15 years.  ” “The report was published Thursday by by the Institute for Policy Integrity, a think tank and advocacy organization at the New York University School of Law, and concluded that the U.S. will gain far more from global efforts on climate change in damages avoided to the economy, public health and the environment than proposed regulations would cost.” “To calculate the economic benefits to the U.S., the authors first multiplied the tons of carbon dioxide emission reductions pledged by other countries and the social cost of carbon to find the economic benefits for all countries. They then estimated the United States’ share of those benefits.” “The Obama administration has estimated the social cost of carbon at $41 per ton in 2015. That cost goes up to $79 in 2050 as the effects of adding carbon to the atmosphere become more damaging.”
Topics: wonk-wire