3.8 Economy

The more we delay, the more we will pay. Climate change is accelerating and human activities are the principal cause, as documented in a series of authoritative scientific reports from the Intergovernmental Panel on Climate Change. The effects are already widespread, costly and consequential — to agriculture, water resources, human health, and ecosystems on land and in the oceans. Climate change poses sweeping risks for economic stability and the security of nations.
Ban Ki-moon Secretary-General, United Nations: Now Is the Time to Act on Climate Change 

Mitigation- taking strong action to reduce emissions – must be viewed as an investment, a cost incurred now and in the coming decades to avoid the risks of very severe consequences in the future. If these investments are made wisely, the costs will be manageable, and there will be a wide range of opportunities for growth and development along the way”. Stern, M. (2006) Stern Review: The Economics of Climate Change

The task of promoting human development, ending poverty, increasing global prosperity, and reducing global inequality will be very challenging in a 2°C world, but in a 4°C world there is serious doubt whether this can be achieved at all. Immediate steps are needed to help countries adapt to the climate impacts being felt today and the unavoidable consequences of a rapidly warming world. The benefits of strong, early action on climate change — action that follows clean, low carbon pathways and avoids locking in unsustainable growth strategies — far outweigh the costs.  Turn down the heat – World Bank Nov 2014  

“The financial costs linked to climate change represent the biggest threat to the global economy, according to Nobel Prize winning economist Joseph Stiglitz”

We need to get rid of fossil fuel subsidies now:  End Fossil Fuel Subsidies Now and Start Carbon Tax, Urges World Bank Chief
Jim Yong Kim, WB president, 2015

Corporate responsibility:
Climate change is one of the greatest risks facing humankind this century. Through a part of its core business, the insurance industry is directly affected and therefore assumes a leading role in devising solutions for climate protection and adaptation to the inevitable changes. Munich re

Climate change on the rocks:  losses from drought/subsidence, inundation, and storms in France could almost double until 2040 Munich re

Guardian (2015)  World Bank rejects energy industry notion that coal can cure poverty


Read more:  Heat waves, floods, lack of water, sea level rise and extreme weather have devastating effects on economy



Home Chapter 3 3. Impacts
3.1 More water vapor
3.2 Sea level rise
3.3 Polar sea ice
3.4 Air pollution
3.5 Acidification
3.6 Health
3.7 Extreme weather
3.8 Economy
3.9 Refugees and conflicts
3.10 Glaciers
3.11 Tipping points
3.12 Biodiversity
3.13 Water
Chapter 4 4. Ecosystems