Fighting climate change may have major economic benefitsJuly 16, 2015
EPA report highlights the dangers associated with climate change
Several billions of dollars in economic benefits may be generated through the implementation of international climate policies, according to a new report from the Environmental Protection Agency (EPA). Climate change has become a significant concern for several countries in recent years and, as such, these countries have begun targeting emissions as a way to mitigate the impact of the phenomenon. While fighting climate change may be expensive, efforts being made currently could have profound economic impact in the future.
Droughts, wildfires, and rising sea levels could cost the country billions of dollars
The report suggests that the lack of action against climate change could result in as much as $180 billion in economic losses by 2100. These losses would be caused by severe droughts, which would lead to water shortages, and the impact of powerful storms. Wildfires could cause another $1.4 billion in losses, with rising sea levels and storm surge flooding resulting in an astonishing $5 trillion in economic losses. More aggressive policies concerning climate change, as well as international cooperation, could mitigate these losses by a significant degree.
Loss of life could be significant if action on climate change is not taken
The report is meant to highlight the dangers that climate change poses to the United States. The report estimates that approximately 12,000 deaths a year could be caused by the impact of climate change, showing that the phenomenon may have much more than just an economic impact. The EPA believes that action against climate change will benefit the U.S., but it may not mitigate all the consequences associated with this phenomenon.
Cooperation could be the key to success when it comes to fighting climate change
Cooperation may also be needed in order for climate change to be mitigated. Several countries have begun working together to fight climate change, instituting new policies that are meant to reduce emissions by a significant degree every year. Countries have also been working to distance themselves from fossil-fuels, showing more favor for renewable energy than traditional forms of power that produce harmful emissions.