A Net-Zero Economy will Save $30 Trillion a Year

Phramacy

Economist argue that efficiency produces profits, which is why we see mass layoffs and (bizarrely) large payouts for executives. 20th century economists ignored a lot of opportunities for more efficient operations because the costs weren’t put on corporations themselves. The costs of running the business were covered by the governments. There is no better example of this than how companies treat the environment.

An easy example is in Alberta where companies in the tar sands have ransacked vast tracts of land for low-quality bitumen while leaving the costs of cleanup on the government. If companies had to pay for their environmental damage then the tar sands wouldn’t be profitable.

Finally economists have caught up to what environmentalists have been saying for decades: if we don’t act on the damage done to the environment by companies then all companies will suffer (obviously nature suffers more). Recent studies show that not getting to a carbon net-zero economy soon will cost the global economy $30 trillion a year due to ecological destruction.

Sylvan said he was surprised that so many saw net-zero action as “economically desirable, even on the pretty short timeline that we’re talking about.”

Most of the international climate economists questioned for the survey in February said they had become more concerned about climate change over the last five years. The most common reason they gave was the escalation in recent extreme weather events, which have included climate-linked wildfires and heat waves.

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