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Citi[bank] report: slowing global warming would save tens of trillions of dollars
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| Contributor | RP |
| Last Edited | RP Sep 01, 2015 03:07pm |
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| Category | Report |
| Author | Dana Nuccitelli |
| News Date | Monday, August 31, 2015 11:00:00 AM UTC0:0 |
| Description | Citi Global Perspectives & Solutions (GPS), a division within Citibank (America’s third-largest bank), recently published a report looking at the economic costs and benefits of a low-carbon future. The report considered two scenarios: “Inaction,” which involves continuing on a business-as-usual path, and Action scenario which involves transitioning to a low-carbon energy mix.
One of the most interesting findings in the report is that the investment costs for the two scenarios are almost identical. In fact, because of savings due to reduced fuel costs and increased energy efficiency, the Action scenario is actually a bit cheaper than the Inaction scenario.
This conclusion soundly refutes the main argument against climate action – that it’s too expensive, with some contrarians even having gone so far as to claim that cutting carbon pollution will create an economic catastrophe. To the contrary, the Citi report finds that these investments will save money, before even accounting for the tremendous savings from avoiding climate damage costs. |
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