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Biden wants US net zero-carbon by 2050. The only independent estimate of net-zero cost is New Zealand: 16% of GDP per year in 2050 (average of last column cost) US would be an annual cost of $5 trillion by 2050, more than entire current US federal budget https://www.mfe.govt.nz/sites/default/files/media/Climate%20Change/NZIER%20report%20-%20Economic%20impact%20analysis%20of%202050%20emissions%20targets%20-%20FINAL.pdf …pic.twitter.com/6MoO8CWdDx
The cost of global warming in half a century is 0.2-2% of GDP according to the UN Climate Panel (https://archive.ipcc.ch/pdf/assessment-report/ar5/wg2/ar5_wgII_spm_en.pdf …) Spending 16%+ to avoid part of a 2% loss is a bad ideapic.twitter.com/qjbs6ru7F4
But Biden also says he wants to dramatically accelerate green R&D, and that could really help. Economic estimates show each dollar spent could generate $11 of climate benefits. More of the smart policies, please https://joebiden.com/clean-energy/ https://www.cambridge.org/core/books/smart-solutions-to-climate-change/EF9C795276152DA451BA256951220BDF …pic.twitter.com/7Qp6JX0uqe
Can we check with @RichardTol no doubt Biden will dream up some fanciful discount rate to justify this
The cost increase with time we waste, during we travel to a point where we don't want to be.
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