Cost of not acting on climate change $44 trillion: Citi

Up to $44 trillion could be going up in smoke if the world does not act on climate change, according to the latest piece of research from U.S. banking giant Citigroup.

The report – Energy Darwinism II: Why a Low Carbon Future Doesn’t Have to Cost the Earth — has forecast that spending on energy will hit around $200 trillion in the next 25 years.

The study then examines two scenarios: one that Citi describe as an “‘inaction’ on climate change scenario”, and another that looks at what could happen if a low carbon, “different energy mix” is pursued.

Luiz Filipe Castro | Moment | Getty Images

“What we’re trying to do is to take an objective view at the economics of this situation and actually look at what the costs of not acting are, if the scientists are right,” Jason Channell, Global Head of Alternative Energy and Cleantech Research at Citi, told CNBC Tuesday.

“And those are rather alarming numbers in themselves,” he added. “I mean, the central case we have in the report is that the costs in terms of lost (gross domestic product) GDP from not acting on climate change can be $44 trillion dollars by the time we get to 2060.”

“So it’s not a sort of a zero sum game, there is a cost to not doing this, and although there is a cost to acting, what we’re trying to do is to actually weigh up the different costs here.”

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Buffett Scores Cheapest Electricity Rate With Nevada Solar Farms

Warren Buffett’s Nevada utility has lined up what may be the cheapest electricity in the U.S., and it’s from a solar farm.

Berkshire Hathaway Inc.’s NV Energy agreed to pay 3.87 cents a kilowatt-hour for power from a 100-megawatt project that First Solar Inc. is developing, according to a filing with regulators.

That’s a bargain. Last year the utility was paying 13.77 cents a kilowatt-hour for renewable energy. The rapid decline is a sign that solar energy is becoming a mainstream technology with fewer perceived risks.

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Global Climate Change: Consensus 97% of climate scientists agree

Multiple studies published in peer-reviewed scientific journals1 show that 97 percent or more of actively publishing climate scientists agree: Climate-warming trends over the past century are very likely due to human activities. In addition, most of the leading scientific organizations worldwide have issued public statements endorsing this position. The following is a partial list of these organizations, along with links to their published statements and a selection of related resources.

Global Climate Change: Consensus 97% of climate scientists agree

Simple Messages Increase Understanding of the Climate Change Consensus

We are pleased to announce a newly published article: Simple Messages Help Set the Record Straight about Scientific Agreement on Human-Caused Climate Change: The Results of Two Experiments….

Human-caused climate change is happening; nearly all climate scientists are convinced of this basic fact according to surveys of experts and reviews of the peer-reviewed literature. Yet, among the American public, there is widespread misunderstanding of this scientific consensus. In this paper, we report results from two experiments, conducted with national samples of American adults, that tested messages designed to convey the high level of agreement in the climate science community about human-caused climate change.

The first experiment tested hypotheses about providing numeric versus non-numeric assertions concerning the level of scientific agreement. We found that numeric statements resulted in higher estimates of the scientific agreement. 

Simple Messages Increase Understanding of the Climate Change Consensus