Our planet is warming, putting at risk not only our physical well-being, but our wallets.
The 2018 Nobel Prize for Economics Science was awarded to William Nordhaus and Paul Romer, two American economists whose work emphasizes the importance of sustainable economic growth and an economic system that takes climate change into account.
The Royal Swedish Academy of Sciences said the two economists “have designed methods for addressing some of our time’s most basic and pressing questions about how we create long-term sustained and sustainable economic growth.”
Climate change has cost U.S. taxpayers more than $350 billion over the past decade, according to a report released last year from nonpartisan federal watchdog the Government Accountability Office. By 2050, that figure will be $35 billion per year. Costs include clean up and disaster assistance from flooding and storms, which are set to increase under rising temperatures.
Those estimates come as the planet experienced its hottest year on record in 2016, in which temperatures were 1.78 degrees Fahrenheit warmer than the mid-century mean. Scientists say global temperatures may rise by 7 degrees Fahrenheit before the end of the 21st century. As climate change escalates, cities are building sea walls, seeking new water sources for drought-stricken land, and storm-proofing their infrastructure in preparation.
But while impending environmental impact of rising temperatures may be the most tangible, the often-overlooked effects on our pocketbooks may be just as worrisome, according to David Stookey, author of the book “ Climate-Proof Your Personal Finances” published the Savvy Families Institute, an organization he heads that is based in Rhode Island.
“The physical problems are going to affect relatively few people in America — a much broader number are going to experience these problems financially,” he said. “The physical risks are nothing compared with the financial risks.” For this generation, at least.
A number of people, including President Donald Trump, challenge the concept of climate change and whether it is caused by human activity, but more than 90% of scientists agreeit is real and human-caused.
The speed and degree to which climate change will affect us — and what we will do to slow it — is not fully known, but we can begin taking measures now to financially prepare. |
