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Those Who Govern the U.S. Have Been Warned – Ignore Climate Risks and Watch the Economy Sink

August 12, 2014

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August 12, 2014 – Robert Rubin, Co-Chair of the Council on Foreign Relations in the United States says that not acting on climate change will take down the economy.

In an opinion piece posted in the Washington Post, July 24, 2014, Rubin, Treasury Secretary from 1995 to 1999, says,

“When it comes to the economy, much of the debate about climate change − and reducing the greenhouse gas emissions that are fueling it − is framed as a trade-off between environmental protection and economic prosperity….but from an economic perspective, that’s precisely the wrong way to look at it. The real question should be: ‘What is the cost of inaction?’”

In June the Risky Business Project, provided a published 56-page report on the impact of climate change on the economy. Initiated by a non-partisan panel of former Treasury Secretaries, it states,

“if we continue on our current path, many regions of the U.S. face the prospect of serious economic effects from climate change. However, if we choose a different path—if we act aggressively to both adapt to the changing climate and to mitigate future impacts by reducing carbon emissions—we can significantly reduce our exposure to the worst economic risks from climate change, and also demonstrate global leadership on climate.”

Washington Post Rubin sinking economy — Illustration by Skip Sterling for “The Washington Post”

Rubin believes that taking action will be far less costly than doing nothing. Because in one example by doing nothing, he points out,

“By 2050 between $48 billion and $68 billion worth of current property in Louisiana and Florida is likely to be at risk of flooding because it will be below sea level.”

And Rubin continues to describe other scenarios like unpredictable and sudden super storms – hurricanes, tornadoes and severe thunderstorms. Just two hurricanes in the last decade, Katrina and Sandy, caused $193 billion in economic damage and $122 billion in government relief.

Rubin also talks abut rising temperatures and the potential impact on employment and economic productivity, let alone premature heat-related deaths estimated at 65,200 plus per year.

He concludes,

“We do not face a choice between protecting our environment or protecting our economy. We face a choice between protecting our economy by protecting our environment − or allowing environmental havoc to create economic havoc.”

Every decade we delay implementing measures to combat climate change will increase costs to the economy by 40%. Now if only the Congressional ostriches would take their heads out of the sand, the government could begin the job of developing policies and the funding to mitigate climate change risk now. Delay, according to Rubin, the reinsurance industry, and thousands of American scientists, will lead to costs that could ultimately tear the economy to shreds.

For those who sit north of the 49th parallel, here in Canada, the same holds true. Canada’s federal government is exhibiting the same behaviours as our American cousins, and this will lead to similar results.