White House warns climate inaction could cost US billions
Published on Jul 29, 2014 10:52 PM
WASHINGTON (AFP) - Delaying efforts to reduce greenhouse gas emissions could cost the US $150 billion (S$190 billion) per year, the White House warned Tuesday in a report on the economic consequences of inaction on climate change.
"Although delaying action can reduce costs in the short run, on net, delaying action to limit the effects of climate change is costly," the report said.
"A delay that results in warming of 3 degrees C (5.4 deg F) above preindustrial levels, instead of 2 degrees, could increase economic damages by approximately 0.9 per cent of global output," the report said.
That figure represents approximately US$150 billion in terms of the estimated 2014 US GDP.
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