[OKC] Economists find flaws in federal estimate of climate damage

[Shauna Struby]

Economists find flaws in federal estimate of climate damage 

By Douglas Fischer, Daily Climate editor

 

A new report concludes that each ton of carbon dioxide emitted in the
atmosphere inflicts as much as $900 in environmental harm - almost 45 times
the amount the federal government uses when setting regulations. The gap,
advocates say, disguises the true value of emissions reductions.

 

Uncle Sam's estimate of the damage caused by each ton of carbon dioxide is
fundamentally flawed and "grossly understates" the potential impacts of
climate change, according to an analysis released Tuesday by a group of
economists. The government's figures "could lead to a degree of inaction on
climate change that frankly is not supported by either the economics or the
science at this point." - Kristen Sheeran, E3 Network

 

Highlights:

 

*        The study found the true cost of those emissions to be far beyond
the $21 per ton derived by the federal government. A truer value, according
the Economics for Equity and the Environment Network, an organization of
economists who advocate for environmental protection, could be as high as
$900 per ton - equivalent to adding $9 to each gallon of gas. 

 

*        Viewed another way, with the United States emitting the equivalent
of close to 6 million tons of carbon dioxide annually, the higher figure
suggests that avoiding those emissions could save the nation $5.3 trillion
annually, one-third of the nation's economic output.

 

*        A second, separate report released Tuesday buttressed the argument,
finding that the government routinely underestimates the benefits of
avoiding climate change when conducting cost-benefit analysis on regulations
aimed at reducing greenhouse gas emissions.

 

*        "Now that we know how much we could end up paying to endure the
impacts of climate change, investing in reducing our emissions is clearly
the prudent option," Frank Ackerman, an economist with the Stockholm
Environment Institute and one of the report's two authors, said in a
statement. "It's the difference between servicing your car, or waiting for
it to break down on the highway."

 

Full article :::
http://wwwp.dailyclimate.org/tdc-newsroom/2011/07/climate-change-costs 

 

Shauna Lawyer Struby

imagine, innovate, collaborate, transition

Co-chair, Transition OKC

Past-president, Sustainable OKC

www.goinglocalokc.org <http://www.goinglocalokc.org/> 

www.sustainableokc.org <http://www.sustainableokc.org/>  

Fresh Greens blog <http://freshgreens.typepad.com/> 

 

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