As the debate over global warming rages, one thing has become increasingly clear: by any reasonable measure, the costs of attacking this problem will be enormous. The economics of global warming aren't uncertain; by almost all estimates, the costs will be staggering:
• The United Nation's Intergovernmental Panel on Climate Change says 1.7 percent of the world's gross domestic product a year will be needed to pay for global warming -- an amount exceeding $1 trillion a year, and a sum greater in size than the total GDP of all but about 15 countries.
• The United States, as the world's largest economy, will be expected to pay at least $200 billion - a year -- possibly more.
• The Environmental Protection Agency, analyzing the recently failed Climate Security Act of 2008, estimates it would have cost American $1.2 trillion - a year - by 2030.
Suffice it to say, the estimates all basically come down to the same thing: cutting the world's output of CO2 by 80 percent by 2050 would be the largest project ever undertaken by mankind.
No matter how this is spun, proposals to battle global warming would be disastrous to world economies...
[it's not just about money. It's about a lot of money.]
READ MORE
No comments:
Post a Comment