“The Economic Impacts of Climate Change and the Costs of Inaction” is our Site of the Day

A new series of reports from the University of Maryland's Center for Integrative Environmental Research (CIER), “The Economic Impacts of Climate Change and the Costs of Inaction” is being released today at the Legislative Summit of the National Conference of State Legislators (NCSL).

Combining existing data with new analysis, the eight studies project the long term economic impact of climate change on Colorado, Georgia, Kansas, Illinois, Michigan, Nevada, New Jersey and Ohio. Studies on additional states are in the works. The researchers selected the eight states to be analyzed based on the availability of data from prior studies, while avoiding replication of research on states already in the limelight—such as California. The researchers also made their selections to provide geographical diversity.

"We don't have a crystal ball and can't predict specific bottom lines, but the trend is very clear for these eight states and the nation as a whole: climate change will cost billions in the long run and the bottom line will be red," says Matthias Ruth, who coordinated the research and directs CIER. "Inaction or delayed action will make the ink run redder."

Even though California is not included in this set, the main report and the individual state reports underscore five "lessons" learned:

1. "There are already considerable costs to society associated with infrastructures, agricultural and silvicultural practices, land use choices, transportation and consumptive behaviors that are not in synch with past and current climatic conditions. These costs are likely to increase as climate change accelerates over the century to come."

2. "The effects of climate change should not be considered in isolation. Every state's economy is linked to the economies of surrounding states as well as to the national and global economy. While the economic costs of climate change are predicted to vary significantly from state to state, the negative impacts that regional, national and global markets may experience are likely to affect all states and many sectors."

3. "While some of the benefits from climate change may accrue to individual farms or businesses, the cost of dealing with adverse climate impacts are typically borne by society as a whole. These costs to society will not be uniformly distributed but felt most among small businesses and farms, the elderly and socially marginalized groups."

4. "The costs of inaction are persistent and lasting. Benefits from climate change may be brief and fleeting - for example, climate does not stop changing once a farm benefited from temporarily improved growing conditions. In contrast, costs of inaction are likely to stay and to increase."

5. "Climate models and impact assessments are becoming increasingly refined…Yet, little consistency exists among studies to enable 'summing up' impacts and cost figures across sectors and regions to arrive at a comprehensive, state-wide result." More precise modeling will require further research.