Doing nothing on global warming will cost the U.S. economy more than 3.6 percent of GDP — or $3.8 trillion annually (in today’s dollars) — by 2100. On the other hand, a detailed, bottom-up analysis finds that just four categories of global warming impacts — hurricane damage, real estate losses, increased energy costs and water costs — will add up to a price tag of 1.8 percent of U.S. GDP, or almost $1.9 trillion annually (in today’s dollars) by 2100.
Those are the results of a report released by researchers at Tufts University, commissioned by the Natural Resources Defense Council.
In the future, according to the report, global warming will cause drastic changes to the planet’s climate, with average temperature increases of 13 degrees Fahrenheit in most of the United States and 18 degrees Fahrenheit in Alaska over the next 100 years.
Costs and damages for the four categories cited in the report if global warming continues:
- Hurricane damages: $422 billion
- Real estate losses: $360 billion
- Increased energy costs: $141 billion
- Water costs: $950 billion