Environmental Time is Money
Power Decarbonization Cost Rises 22% to $44 Trillion, IEA Says
The cost of cutting carbon emissions from power generation enough to restrict global warming to safe levels is rising because growing coal use outweighs the progress in renewables, theInternational Energy Agency said.
Investments of $44 trillion through 2050 are needed to decarbonize the energy sector, the Paris-based agency said today in an e-mailed report, up 22 percent from the figure it gave two years ago. The spending would ensure the average temperature rise since the industrial revolution is limited to the 2-degrees Celsius (3.6 degrees Fahrenheit) target world leaders have endorsed.
It’s a vicious circle. The more time is wasted the more costly the solution becomes; so that people try to avoid the cost and make the situation even worse and even more costly.