Climate change is showing it’s effects everywhere at the moment. Floods, forest fires, hurricanes, mud slides, heat waves and just about everything that could go wrong with the planet is happening right about now.
Yet there are people claiming that climate change is a hoax. It is no coincidence that all of these people make profit off industries that are pretty much killing our planet. Profit is the sole reason why we “haven’t found a solution” to climate change yet. Corporate greed already has many adverse effects on various societies/economies in the world, but soon there will be no societies or economies and there will be no world because of it.
Let’s see what climate change will cost us on the basis of few of the factors economists use to study economic development & well-being:
- GDP “Natural disasters” will have a massive impact on the macro economies of the world. Initially, only the local economies of the affected countries will be impacted, however this impact will gradually spread out and influence other economies. Also, extreme weather conditions lead to governments having to spend millions for extensive repair of infrastructure. The GDP at risk of just the major cities in the world is $1.5 trillion (this might near $2.2 trillion by the year 2025). The global GDP per capita is predicted to be 23% lower in 2100.
- Productivity Climate change will lead to a huge loss in productivity. As we saw with hurricanes Harvey and Irma – many industries were affected; production and trade had to pause and the over all productivity of the areas affected went down drastically. People can’t get to work, consumers can’t reach shops, supply chains don’t function efficiently at all; basically the entire economy is damaged. Climate change will also lead to a less healthy population (more below) which will in turn reduce the productivity of labor in any economy.
- Health Climate change will lead to impure air, unsafe drinking water, insufficient food and fewer options of shelter. The increase in global temperatures is predicted to cause an increase in diseases like malaria, dengue, diarrhoea and heat stress. According to WHO, the direct damage costs to health (i.e. excluding costs in health-determining sectors such as agriculture and water and sanitation), is estimated to be between US$ 2-4 billion/year by 2030.
- Well-being The well-being of majority of the world’s population will be at risk. According to Business Insider, “a 2014 study published in Environmental Research Letters predicted that sea level rise created by a temperature increase of 3 degrees C would force more than 600 million people to find new homes.” The social and environmental factors impacting health will be affected. About 20 million more children are estimated to go hungry by 2050.
‘Every day we at WFP see the effects of the ravages of weather-related hunger on the people we assist. Every day we see people suffer from droughts and floods. Every year the situation gets worse.’ – Executive Director, World Food Programme
It’s easy to tell that climate change is going to cost the macro economies of the world a lot. Anybody that says fighting climate change isn’t easy because it’s expensive should know that not fighting it means just throwing your money away. (also the cost of fighting it is less by at least $7 billion). Corporate greed and capitalism are the only things stopping us from fighting climate change. Owners of big corporations want us to believe that climate change is a hoax because they’re the ones making profit from causing it. Immediate action against climate change is the only way to sustain the macro economies of the world and the world itself!