The Dangerous Underestimation of Climate Change’s Cost

Scientists say that poorer countries will see devastating effects much sooner than richer ones.

The-Dangerous-Underestimation-of-Climate-Change-Cost

In 2013, the world spewed nearly 40 billion tons of carbon emissions into the atmosphere. Climate scientists overwhelmingly agree that the greenhouse gas will cause a slew of future problems, from rising sea levels to warmer worldwide temperatures.

But also included in those worries are the economic costs of carbon dioxide emissions. Known as the social cost of climate change,” this measurement looks at the damage rising temperatures can create for human health and crop yields, and estimates the monetary cost of each ton of carbon waste.

Right now the Obama administration pegs that number at $37 for every ton, but according to a new study, that price tag may be much lower than the actual cost.

[quote_left]”Rich and poor countries will fare very differently when dealing with future climate change effects.”[/quote_left]

Researchers from Stanford University found that the current price of climate change is more likely six times as much, approximately $220 for every ton of carbon produced.

Using a new model to calculate the number, the researchers took into account the economic damage that catastrophic climate events, like storms or crop loss, could pose to a country’s GDP over time.

“If climate change affects not only a country’s economic output, but also its growth, then that has a permanent effect that accumulates over time,” Frances Moore, co-author and environmental scientist, said. Their findings appeared Monday in the journal Nature Climate Change.

The Stanford study, like many others that calculate the social cost of climate change, has several variables in need of further investigation, and may not be completely accurate some researchers point out.

“To me, it just seems like it has to be an overestimate,” said William Pizer from Duke University, to ClimateWire “I just think this is another data point that someone needs to weigh as they’re trying to figure out what the right social cost of carbon is.”

Although Pizer suggests that the $220 figure might be too high, the Stanford study corroborates many scientists’ suspicions that the current $37 per ton figure used to shape emission regulations is indeed underestimated.

Another intriguing aspect of this new model, however, is that it also incorporates the economy’s ability to adapt to damage from climate changes and acknowledges that warming temperatures will economically affect high- and low-income countries differently.

“There have been many studies that suggest rich and poor countries will fare very differently when dealing with future climate change effects, and we wanted to explore that,” co-author Delavane Diaz said.

See also: Gravity Is the Latest Victim of Climate Change

The researchers noted that because poor countries are on average hotter than rich countries and have less rigid infrastructure, they might suffer greater economic costs due to climate change.

“If temperature affects economic growth rates, society could face much larger climate damages than previously thought” Diaz said. “This would justify more stringent mitigation policy.”

Find us here

Get news from the CSGLOBE in your inbox each weekday morning

The views and opinions expressed in this article are those of the authors/source and do not necessarily reflect the position of CSGLOBE or its staff.

Paid content

China Is Turning The Rainforest Into Cheap Furniture For The U.S.

Driven by American demand for cheap furniture, China has become the greatest importer of illegal timber. The...

Bill Gates Admits to Chemtrails

Bill Gates backs climate scientists lobbying for large-scale geoengineering ( Chemtrails ) Geo-engineers are finally coming out of the “chemtrail” closet, as reports are now...

France Declares All New Rooftops Must Be Topped With Plants Or Solar Panels

A new law recently passed in France mandates that all new buildings that are built in commercial zones in France must be partially covered in...

What's New Today

Georgia House Votes To Allow Citizens To Abolish Police Departments In The State

The Georgia House backed an effort on Friday to dissolve the Glynn County Police Department and any...

Leaked CDC document contradicts Pence claim that U.S. coronavirus cases ‘have stabilized’

Even as Vice President Mike Pence wrote in a Wall Street Journal op-ed published Tuesday that coronavirus...

Five bombshells about Trump from Bolton ‘s book

Excerpts from former national security adviser John Bolton ’s book about his time in the Trump administration...

Don’t Listen to Fox. Here’s What’s Really Going On in Seattle’s Protest Zone.

It seems I live in a city undergoing a “totalitarian takeover” that will lead to “fascist outcomes”...

MOST READ

What Is Agenda 21? Depopulation of 95% of the World By 2030

Most people are unaware that one of the greatest threats to their freedom may be a United Nations program which plans to depopulate 95%...

Complete List of BANKS Owned/Controlled by the Rothschild Family

What’s the significance of having a central bank within a country and why should you concern yourself, your family and colleagues? Central banks are illegally...

Georgia House Votes To Allow Citizens To Abolish Police Departments In The State

The Georgia House backed an effort on Friday to dissolve the Glynn County Police Department and any...

China Is Turning The Rainforest Into Cheap Furniture For The U.S.

Driven by American demand for cheap furniture, China has become the greatest importer of illegal timber. The...

Wolves return to Denmark for first time in 200 years

At least five wolves, including one female, have returned to Denmark for the first time in two centuries, a zoologist who has obtained DNA...

‘The Biggest Attack on the Amazon in 50 Years’ Has Just Begun in Brazil

In what is being called the biggest attack on the Amazon in fifty years, Brazil has just opened a massive area of the rainforest up...

Drones Being Used to Fight Deforestation in Malaysia

When it comes to unmanned aerial vehicles—also known as drone aircraft—most people think of the War on Terror, missiles raining death from above, or...

Monsanto responsible for monarch butterflies massacre

Do We Save the Monarch Butterfly or Monsanto's Profits? Ninety percent of our beautiful monarch butterflies have been wiped out, yet it is still has...

The Life Changing Effects of Psychedelics – Magic Mushrooms – and Why the Government Keeps this from You

The pursuit of knowledge and advancement of medical research are among the many victims of the War on Drugs. Just as marijuana prohibition is...

5 conspiracy theories turned out to be true

A running discussion of conspiracy theories that  were later proven to be true and factual.   1. The Glomar Explorer and Project Azorian In the summer of...

The Age of Confusion – Mass Manipulation

The Age of Confusion – Mass Manipulation, Propaganda and Frequency Prisons March 17, 2011, the UK Guardian published a report warning that social media is...