How we underestimate the costs of climate change, and why it matters now
Cities, states and businesses are still feeling the shock. The coronavirus has stolen more than 138,000 lives and obliterated budgets. Had the U.S. better prepared for the fallout, some of the impacts would have been less severe.
Countries in Asia, for example, accustomed to managing fast-moving viruses after their experiences with SARS, have fared much better than the United States, which leads all countries with 3.43 million COVID-19 cases.
Costs from climate will likely have similar effects, and sooner than we think. Understanding—or better yet, predicting—what we could face in the future is crucial for making the case for policy action today, not after calamity strikes.
Calculating climate costs is daunting
To make these calculations, economists rely on Integrated Economic Assessment models to estimate future costs of climate change. These models are complex tools that link emissions projections to climate and ultimately societal impacts, measured in metrics such as the costs of poorer health outcomes, lost labor, damage to infrastructure, agricultural losses and death. Economists can then value the economic cost of a changing climate in dollar amounts.
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