Economics of Global Warming
The Bush administration argues that global warming legislation will hurt the economy. However, a new report shows just the opposite. Lack of legislation will eventually cost the US $50 billion a year to adapt to the climate changes caused by global warming. Worldwide, the cost to industrialized could be $150 billion or 20 percent of the world’s GDP.
Currently in California, Arnold Scharzeneger is proposing billions to be spent on damns because global warming is causing the ice packs in the mountains to melt sooner and faster. This melting water is normally absorbed into underwater basins and reservoirs. However, the faster, sooner melting is causing too much water to go out to sea. Already, California is considering spending billions on new damns. Imagine if billions are needed in California for just damns, it is not far fetch to imagine 50 billion annually countrywide and hundreds of billions annually worldwide. And of course, the U.S. will also be helping the poor countries that cannot adapt on their own. We need to act now to prevent the larger costs in dollars and lives in the future.
To check out the full report, Click Here
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