A new report from Citibank found that acting on climate change by investing in low-carbon energy would save the world $1.8 trillion through 2040, as compared to a business-as-usual scenario. In addition, not acting will cost an additional $44 trillion by 2060 from the “negative effects” of climate change.
The report, titled Energy Darwinism, looked at the predicted cost of energy over the coming decades, the costs of developing low carbon energy sources, and the implications of global energy choices.
“What we’re trying to do is to take an objective view at the economics of this situation and actually look at what the costs of not acting are, if the scientists are right,” Jason Channell, Global Head of Alternative Energy and Cleantech Research at Citi, told CNBC. “There is a cost to not doing this, and although there is a cost to acting, what we’re trying to do is to actually weigh up the different costs here.”
The report includes analysis of the cost of stranded assets — the idea that in order to prevent 2ºC of warming, a third of the world’s oil reserves, half of its gas reserves, and more than 80 percent of its coal reserves need to stay in the ground.
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