According to a new study published by the Global Development and Environment Institute of Tufts University (PDF), waiting to act on global warming will cost trillions by the end of century. In fact, according to their analysis, even leaving out such catastrophic possibilities as a shut down of the Gulf Stream, or accounting for species loss, the costs to individuals, companies and governments of mitigation and crisis response could be as much as 22 trillion dollars per year by 2100. This would represent as much as 8 percent of global GDP at that time.
Critics of action to avert global warming always conclude their argument with the idea that it would be too costly, that it would “wreck the economy.” This study demonstrates that inaction now will more costly later. Wasn’t there an old advertisement that said “Pay me now, or pay me later.”
By the way, according to a report on this study, on the same day it was released, James Smith, the Chairman of Shell Oil, was quoted as saying, “For business, tackling climate change is both a necessity and a huge opportunity. We have to step up to the challenge.”
This post originally appeared at our blog, Globalwarmingfuturist.