Why Fighting Climate Change May Help the Economy, Not Hurt It

A common refrain among those who resist taking action on climate change is that costs and lost jobs from reducing reliance on coal and oil are too high. Studies from the University of Massachusetts Political Economy Research Institute, the Center for American Progress and the Global Commission on the Economy and Climate suggest that reducing greenhouse gas emissions could boost economies regardless of level of income. The report comes out before the United Nations host 120 world leaders for a climate summit in late September. “The goal of the summit is to start garnering the political will over the next year to reach an international agreement that would cap greenhouse gas emissions and raise the tens of billions of dollars needed to help poor countries adapt to the worsening storms, rising seas, droughts and other impacts of global warming,” reports Michael Casey for Fortune. Both reports “acknowledge that achieving what amounts to a complete overhaul in the way the world finances, builds and deploys energy systems won’t be easy.” Development of new technologies and energy sources could occur quickly with investment, a carbon cap and tax, an end to subsidies for fossil fuels, and policies that promote efficiency. – YaleGlobal