Inaction on Climate Change is Costliest Option for US

Researchers say inaction in responding to the challenges of climate change in the United States will cost billions of dollars. In a new report, researchers at the University of Maryland warn that the costs of global warming could place major strains on U.S. government budgets, personal income and job security.

The researchers warn that rising temperatures, decreased precipitation and rising sea levels will cost the United States billions of dollars each year unless immediate action is taken to curb the effects of global warming.

The total economic cost of climate change in the United States will be major and nationwide in scope, but remains uncounted, unplanned for and largely hidden in public debate, says a new study from the University of Maryland.

The report, The U.S. Economic Impacts of Climate Change and the Costs of Inaction, is the first to pull together and analyze the previous economic research on the subject, along with other relevant data, in order to develop a more complete estimate of costs.

While much of the public debate has focused on the upfront costs of emission controls, there’s been only limited research on backend expenses, such as rebuilding or preparing infrastructure to meet new realities and the ripple economic effects on the agricultural, manufacturing and public service sectors.

In part, the report evaluates the “costs of inaction” – how a failure to reduce greenhouse gases can make response and adaptation more expensive.

“The true economic impact of climate change is fraught with ‘hidden’ costs,” the report concludes. It adds that these costs will vary regionally and will put a strain on public sector budgets. For example, even under current conditions, the combined storm impact for the nation since 1980 has surpassed $560 billion. More frequent and intense storms would raise the price tag even higher.

“Climate change will affect every American economically in significant, dramatic ways, and the longer it takes to respond, the greater the damage and the higher the costs,” says lead researcher Matthias Ruth, director of the University of Maryland’s Center for Integrative Environmental Research and the Roy F. Weston Chair in Natural Economics.

“The national debate is often framed in terms of how much it will cost to reduce greenhouse gases, with little or no consideration of the cost of no response or the cost of waiting. Review and analysis of existing data suggests that delay will prove costly and tip the economic scales in favor of quicker strategic action.”

Estimating a total price tag for all the hidden costs is impossible at the moment, say the researchers. The report finds that current techniques generally used by economists to measure the costs related to climate change are ill-suited to a situation so complex and pervasive. It recommends a new, immediate research effort to accompany initiatives designed to minimize the impact of climate change.

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