Monday, December 14, 2020

Saving Earth is an entire economy all it's own.












...Through the first part of 2020, (click here) the impact of the Atlantic hurricane season was minor, with less than $1 billion in total reported damage through July 27. However, later storms, beginning with Hurricane Isaias, were more damaging, with current assessments coming in close to $6 billion and Hurricane Laura at $10-12 billion. Damage from Sally was estimated to total $8-10 billion. CoreLogic, an analytics business, reports that damage from Zeta could reach $3.5 billion, the majority ($1.7 billion to $2.8 billion) in Louisiana alone. CoreLogic estimates that insured losses from Hurricane Delta damage will range from $700 million to $1.2 billion for wind and storm surge and an additional $800 million to $1.5 billion for offshore structures. A full economic analysis from Hurricane Eta is not yet available but the total will be upwards of $5.5 billion, with the majority (over $5 billion) occurring in Honduras. At the end of the season, Iota’s damage estimates had reached $564 million and the total aggregated damages for the whole season are expected to exceed $41 billion.

Sadly, over 400 people have lost their lives so far in the 2020 Atlantic hurricane season. FEMA has issued several Emergency Declarations and Major Disaster Declarations. An emergency declaration allows a local or state government to use resources to respond but does not implicate any federal spending. A major disaster declaration provides for individual and/or public assistance spending from the federal government with a cost-share obligation from the states/territories....

That doesn't even account for tornadoes.

November 30, 2020
By Dana Nuccitelle

...But others, (click here) like Nobel laureate and New York Times columnist Paul Krugman, make strong arguments that bold investments in infrastructure right now make perfect sense even in free-market economic terms. With interest rates low and private sector unemployment high, the market is signaling there are more than enough investor funds and skilled labor to supply the needed capital and workforce. These investments would boost employment while also making the U.S. energy supply less expensive, more efficient, and cleaner, which could help reduce other non-climate related social problems such as air and water pollution, poverty, and crime.

A growing body of economics research documents the tremendous cost savings associated with implementing climate solutions. But it’s critical to recognize that many climate impacts simply cannot be quantified in economic terms: It’s impossible, for instance, to place a dollar value on human suffering as a result of homes lost to floods or fires, or climate-caused famine, or the value lost in species extinctions and declining biodiversity. Yet these must also be taken into account when evaluating the relative costs of climate action and inaction. As renowned Ohio State University glaciologist Lonnie Thompson put it, “the longer we delay [climate solutions], the more unpleasant the adaptations and the greater the suffering will be.”...