Transitioning the global economy to net-zero emissions by midcentury would have high upfront costs, but huge benefits in the form of reduced climate damage and industrial innovations, two new reports show.
, from the Deloitte Economics Institute, shows that rapidly decarbonizing the U.S. economy during the next 50 years could generate $3 trillion, and add nearly 1 million more jobs to the economy by 2070.The Deloitte analysis compares a world in which global warming is left relatively unchecked, with average temperatures increasing to 3°C above preindustrial levels, with a scenario in which the Paris temperature targets of limiting warming to "well below" 2°C are met.
"Unchecked climate change is a costly choice for the U.S.," Alicia Rose, deputy CEO for Deloitte U.S., told Axios. In contrast, the cost of moving the country to net-zero emissions would be about 0.1% of GDP or about $35 billion per year through 2050, Deloitte found.The Deloitte report finds that the costs of the energy transition would be front-loaded, with the break-even point, or "turning point," coming during the 2041-2050 period.
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