How to Avoid and Economic Crisis while Addressing the Climate Crisis

The impacts of the climate crisis increase in reach and damage every year with more people feeling the consequences. People have finally woken up to the fact that we need to act now to curb more climate chaos, the problem is that economists might figure that out too. Properties built on flood plains or other vulnerable areas are going to lose their value as global warming increases and that can spiral countries into recessions. In some parts of the USA politicians are planning ahead to navigate the troubled waters of the combined effects of climate and economic chaos.

If you want to address this today: ask the company you work for what their business plan is for a planet two degrees warmer than it is today.

A 2014 report from Arizona State University estimated that one year without water from the river could cause US$1.4 trillion in economic losses and impact 16 million jobs across the region. If calculations were done again today, those estimates of damage “would definitely be bigger,” says Timothy James, a co-author of the report.

The technical fixes are easiest to predict: more water-efficient technologies and policies like higher prices on water to encourage their adoption. But adapting to climate change also requires hard decisions about the pace and scale of development. It could mean refraining from building new communities in the desert altogether. At the moment, however, Phoenix is growing rapidly.

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