“Freedom lies in being bold.”
Robert Frost
Imagine 2 different scenarios playing out in the US economy over the next 50 years:
- Scenario 1 – a $3 trillion economic gain
- Scenario 2 – a $14.5 trillion economic loss
The choice before us
Now imagine we can choose between the two. Sound like a no-brainer? According to a new report from the Deloitte Economics Institute, scenario 1 is what the US economy stands to gain if we rapidly transition away from fossil fuels and achieve net zero by 2050. On the contrary, scenario 2 is what they project will happen if we fail to take sufficient action. Sounds like a compelling financial case for fixing the climate.
Climate change is expensive. Ask anyone who lives in a region that has recently faced drought, forest fires, flooding, or hurricanes. These costs are only expected to get exponentially higher with the current warming trajectory. Indeed, the impact will be felt in every sector of our economy.
A compelling case for fixing the climate
The Deloitte report makes a convincing argument for us to get moving. Instead of a financial burden, the transition to net zero is actually an economic opportunity. But we need to make bold investments over the next few years. The longer we wait, the more expensive the transition will become.
While clearly there will be costs to transitioning us away from fossil fuels, the expense of not doing so would be devastating. The report estimates the net cost of rapid decarbonization to be just 0.1% of GDP per year until 2050.
Additionally, “an early and managed transition to net zero costs less, supports industry transformation, and creates jobs”. This would be nothing short of a new industrial revolution, and an updated model for economic growth.
A persuasive win-win
I have written about several win-win scenarios when it comes to solving climate change. There are endless examples, and this is one of the most persuasive I have seen. We must change…we can’t afford the alternative.
In addition to the economic benefits, the ultimate win of fixing the climate is we get to pass along a better future to our children and grandchildren.
Let’s do something about climate change. Learn about it. Think about it. Talk about it.