NewEnergyNews: COST OF NO CLIMATE: $44 TRILLION – CITIBANK

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  • All About Fracking

    Thursday, August 27, 2015

    COST OF NO CLIMATE: $44 TRILLION – CITIBANK

    Cost of not acting on climate change $44 trillion: Citi

    Anmar Frangoul, 18 August 2015 (CNBC)

    “Up to $44 trillion could be going up in smoke if the world does not act on climate change, according to [ Energy Darwinism II: Why a Low Carbon Future Doesn't Have to Cost the Earth from CitiGroup, which forecasts] that spending on energy will hit around $200 trillion in the next 25 years…The study then examines two scenarios: one that Citi describe as an 'inaction'…and another that looks at what could happen if a low carbon, ‘different energy mix’ is pursued…[The central case in the report is that the costs in terms of lost (gross domestic product) GDP from not acting on climate change can be $44 trillion dollars by the time we get to 2060…[The report authors see December's crucial United Nations COP21 meeting in Paris] as hugely significant, with the aim of reaching an agreement to keep global warming below two degrees centigrade…[because] all of the players are arriving with positively aligned intentions, including the big emitters: the US and China...” click here for more

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