|
|
|
|
|
|
by eschevarria
3035 days ago
|
|
|
The New York Magazine is not research. Want to know what the actual research says? Look at figure 10.1 on page 690 of the IPCC’s AR5 WG II report. As it shows, most of the studies on the total impact of climate change for increases between 2.6 and 4.8 °C, which is the range for the IPCC’s highest emissions scenario during the 21st century, result in estimates of the impact on welfare equivalent to a change between 0% and −3% in GNP. Positive effects are included in the estimates, so 0% and two positive values appear outside the range. This is not about the economic impact but about the total impact on welfare, so it really is what is relevant. The factors considered by the studies include variation in agricultural yield, water availability, changes in tourism flow, energy demand, impact on human health, labor productivity. How bad do you think −3% is during the 21st century? That’s less than 0.035% less economic growth starting in 2014 when the Fifth Assessment Report was published. Even a policy that was completely effective at entirely preventing any global warming could only be justified if its cost was otherwise less than 0.035%. The policies we could implement would not be completely effective and would certainly cost more than 0.035%. Therefore the expected value of doing nothing about global warming is higher than the expected value of doing something. |
|
|
Note that the literature diverges in its estimation of the impact. Much of the report on the economic impact basically says "there's a lot we don't know about most of these things" because the event haven't taken place yet. But that doesn't mean we can't extrapolate. Economic forces push populations. And, the effects will differ by geography, which is the crucial point. If only coastal areas are affected, that will still incentivize people to make decisions that affect inland economies. And these are the risks that a high proportion of the world's population would face (from the very same report):
The key risks that follow, all of which are identified with high confidence, span sectors and regions. Each of these key risks contributes to one or more reasons for concern [RFC].
i) Risk of death, injury, ill-health, or disrupted livelihoods in low-lying coastal zones and small island developing states and other small islands, due to storm surges, coastal flooding, and sea level rise.37 [RFC 1-5] ii) Risk of severe ill-health and disrupted livelihoods for large urban populations due to inland flooding in some regions.38 [RFC 2 and 3] iii) Systemic risks due to extreme weather events leading to breakdown of infrastructure networks and critical services such as electricity, water supply, and health and emergency services.39 [RFC 2-4] iv) Risk of mortality and morbidity during periods of extreme heat, particularly for vulnerable urban populations and those working outdoors in urban or rural areas.40 [RFC 2 and 3] v) Risk of food insecurity and the breakdown of food systems linked to warming, drought, flooding, and precipitation variability and extremes, particularly for poorer populations in urban and rural settings.41 [RFC 2-4] vi) Risk of loss of rural livelihoods and income due to insufficient access to drinking and irrigation water and reduced agricultural productivity, particularly for farmers and pastoralists with minimal capital in semi-arid regions.42 [RFC 2 and 3] vii) Risk of loss of marine and coastal ecosystems, biodiversity, and the ecosystem goods, functions, and services they provide for coastal livelihoods, especially for fishing communities in the tropics and the Arctic.43 [RFC 1, 2, and 4] viii) Risk of loss of terrestrial and inland water ecosystems, biodiversity, and the ecosystem goods, functions, and services they provide for livelihoods.44 [RFC 1, 3, and 4] Many key risks constitute particular challenges for the least developed countries and vulnerable communities, given their limited ability to cope.
IF you were correct in your assertion that the economic cost of doing nothing is lower than the economic cost of doing something, the ETHICAL cost of doing nothing is immeasurable because we'd willingly be exposing current and future generations to all of the above higher risks.