A new study delivers more bad news about climate change: The U.S. is second only to India in experiencing the negative economic consequences of greenhouse gas emissions. The study projects the loss to be a whopping $250 billion a year in this country alone.
The study, by researchers at the University of California at San Diego and published in Nature Climate Change, looks at the social cost of carbon, or SCC, a commonly employed metric of the expected economic damages from carbon dioxide emissions. A basic definition of the social cost of carbon is the measure, in dollars, of the long-term damage done by the release of a metric ton of carbon dioxide emissions in a given year.
The study measured the effects of the social cost of carbon on each of the world’s nearly 200 countries. The four countries with the highest economic losses from the social cost of carbon are India, the U.S., Saudi Arabia, and Brazil. China, the world’s biggest emitter of carbon dioxide, places fifth. The U.S. cost was put at $48 per ton of carbon dioxide emissions, while most countries, especially those in more northern latitudes, had costs of $10 or less per ton of CO2 emissions.
Why does this matter, besides the obvious conclusion that climate change is costing the world a lot of money in addition to the damage to our individual health and the health of the planet? Because Donald Trump’s administration wants to scale back the regulations now in place for greenhouse gas emissions.
Maybe the only way climate science deniers will believe the negative effects of climate change is if it hits them in their profit and loss statements. Because just as a country suffers economically from greenhouse gas emissions, that same country will have the most to gain economically from taking climate action.
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