• 20 mins Syrian Rebels Relinquish Control Of Major Gas Field
  • 1 hour Schlumberger Warns Of Moderating Investment In North America
  • 2 hours Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 3 hours Energy Regulators Look To Guard Grid From Cyberattacks
  • 5 hours Mexico Says OPEC Has Not Approached It For Deal Extension
  • 6 hours New Video Game Targets Oil Infrastructure
  • 8 hours Shell Restarts Bonny Light Exports
  • 9 hours Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 15 hours Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 20 hours British Utility Companies Brace For Major Reforms
  • 1 day Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 1 day Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 1 day Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 1 day OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 1 day London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 1 day Rosneft Signs $400M Deal With Kurdistan
  • 1 day Kinder Morgan Warns About Trans Mountain Delays
  • 2 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 2 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 2 days Russia, Saudis Team Up To Boost Fracking Tech
  • 2 days Conflicting News Spurs Doubt On Aramco IPO
  • 2 days Exxon Starts Production At New Refinery In Texas
  • 2 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 3 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 3 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 3 days China To Take 5% Of Rosneft’s Output In New Deal
  • 3 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 3 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 3 days VW Fails To Secure Critical Commodity For EVs
  • 3 days Enbridge Pipeline Expansion Finally Approved
  • 3 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 3 days OPEC Oil Deal Compliance Falls To 86%
  • 4 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 4 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 4 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 4 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 4 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 4 days Aramco Says No Plans To Shelve IPO
  • 7 days Trump Passes Iran Nuclear Deal Back to Congress
  • 7 days Texas Shutters More Coal-Fired Plants
Alt Text

Trump Set To Pull U.S. Out Of Paris Climate Deal

President Donald Trump has reportedly…

Alt Text

Did This Startup Solve The Carbon Capture Challenge?

Costs have long prohibited carbon…

SciDev SciDev

SciDev SciDev

SciDev.Net – the Science and Development Network – is a not-for-profit organisation dedicated to providing reliable and authoritative information about science and technology for the…

More Info

Battling Climate Change is Far Cheaper than Inaction

Battling Climate Change is Far Cheaper than Inaction

Tackling the global climate crisis could reap significant economic benefits for both developed and developing countries, according to a new report.

The impacts of climate change and a carbon-intensive economy cost the world around US$1.2 trillion a year — 1.6 per cent of the total global GDP (gross domestic product), states 'Climate Vulnerability Monitor: A Guide to the Cold Calculus of A Hot Planet'.

For this reason, "adapting to climate change is very likely a cost-effective investment in almost all cases and should be central to any climate change policy", the report says.

The new publication was launched during the 67th session of the UN General Assembly, in New York, United States, last month (26 September). It was produced by Development Assistance Research Associates (DARA), an independent aid analysis organisation, and the Climate Vulnerable Forum, a global partnership of nations that are disproportionately affected by global warming.

The authors highlight that shifting the world economy to a low-carbon footing will cost around 0.5 per cent of GDP for the current decade. As the report points out, this is significantly lower than the actual and projected costs of responding to climate change and maintaining a carbon-intensive economy.

The report warns that the impact of the expected increase in temperature and carbon-related pollution could double the actual costs to 3.2 per cent of GDP in 2030, and will cause six million deaths every year, up from 4.5 million each year.

Related Article: Solar Roadways: Powering the World of Tomorrow

And although developing countries are the most vulnerable, "the world's major economies are in no way spared".

"The United States, China and India in particular are expected to incur enormous losses that in 2030 for these three countries alone will collectively total US$2.5 trillion in economic costs and over 3 million deaths per year," according to the report.

Matthew McKinnon, head of DARA's Climate Vulnerability Initiative team and the report's lead author, told SciDev.Net: "The conclusion contrasts with previous studies that generally justify expenses on climate action today, in relation to damages to be experienced much further down the line. Our estimated damages already far exceed the costs of action on climate change — costs that will only escalate rapidly if action on climate change is not urgently taken."

The report is a follow-up to the Climate Vulnerability Monitor 2010, which was released at the UN Climate Change conference, in Mexico in December 2010.

Supported by high-level and technical panels, the 2012 report is "the most comprehensive ever" assessment of the impact of climate change, because it ranges from human health issues to economic sector pressures, extreme events and environmental concerns, McKinnon said.

"The monitor is unusual in particular for examining the current impact of climate change. Most climate change studies have much longer time horizons, such as 2050, 2100 or 2200," he explained. 
José Antonio Milán Pérez, a climate change professor at the University of Commercial Science, Nicaragua, praised the report, saying that it represented "a significant scientific contribution for its comprehensiveness and extensive global and regional levels".

"The method extends the number of indicators, [to include] not only purely economic aspects, but also human aspects," he added, and could act as a "reference for decision-makers".

Link to full report

By. Daniela Hirschfeld




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News