U.S. Could Gain $10 Trillion From Global Emission Reductions By 2050, UN Report
The US can gain more than $10 trillion by 2050 if all the countries in the world can fight climate change by lowering carbon emissions, according to a new report released Thursday. It is just one month before the 2015 U.N. climate conference in Paris.
The report, released by the Institute for Policy Integrity at New York University of Law, said that just the "social cost of carbon", along with the financial benefit from other countries lowering carbon emissions should make the U.S. lead the conservation drive. It needs to bid for carbon reduction pledges from other countries, such as China and India, according to thewashingtonpost.
"There's a really strong economic self-interest for the United States to try to lead this effort and build a global coalition around [climate] action," said report co-author Jason Schwartz, legal director at the Institute for Policy Integrity. "A lot of the arguments that advocates use to push the United States to lead are based on moral responsibilities to solve a global problem, and that's certainly a valid perspective - but there's also an economic perspective."
The US has already benefitted from the efforts of other countries by $200 billion. It could shoot to $2 trillion by 2030 and $10 trillion by mid-century if all the 150 countries at the U.N. climate meeting arrive at a consensus holding every country to its emission reduction goals, said the report.
As the U.S. holds a "unique place among countries - both as the largest economy with trade‐ and investment‐dependent links throughout the world, and as a military superpower," it will be affected by the climate change in other countries.
Hence, climate change could lead to "lost agricultural and labor productivity, trade and energy supply disruptions, negative public health consequences, ocean acidification, extreme weather events, flooding, wildfires, increased pests and pathogens, water shortages, migration, regional conflicts, and loss of biodiversity and ecosystem services, among others."
There could be higher prices on goods when other nations go through disasters, along with less demand for U.S. products when countries affected by climate change cannot afford them. There is also the possibility of mass migration to the U.S. from other nations, according to The Huffington Post.
"For example, a 10 percent decline in crop yields could trigger the emigration of 2 percent of the entire Mexican population to other regions, mostly the United States," which could affect its economy and health services too, the report says.