Friday, November 14, 2008

The Price of Climate Change

A recent article in the LA Times titled, "Climate change may carry huge price tag for California" puts a monetary price on global warming: "About $2.5 trillion of real estate assets in California are at risk from extreme weather events, sea level rise and wildfires, with a projected annual price tag of between $300 million and $3.9 billion, according to a new report".
"Our report makes clear the most expensive thing we can do about climate change is nothing," Roland-Holst said. But he adds, "This is not a Doomsday report . . . . If we make the right investments, we can avert much of the damage in any scenario."

When reading the above, please keep in mind that is only the cost for California and that is an annual cost, meaning that it never goes away until global warming is reversed. Acting quickly could potentially reduce the cost ten-fold. Also remember that our quality of life (food, water, the environment) will be diminished as a result of continued global warming. Paying now to reduce global warming is less expensive than the price and consequences of not acting.

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