The Economic Cost Of Global Warming

According to a report by the U.N office for Disaster Risk Reduction(UNISDR), in the past two decades disasters related to weather have killed more than 600,000 and 4.1 billion people have injured left homeless or in need of emergency assistance (Cumming-B ). The economic cost of global warming is estimated at 1.2 trillion a year, which is about 1.6% of the global GDP ( Harvey). By 2030 this cost will rise, according to Harvey, 3.2 % but for developing countries the losses will be up to 11 % of their GDP (Harvey). As such global warming if not controlled, not only will cripple income around the world, but it will also widen the gap between rich and poor nations. According to Tigay, experts are saying that since the planet is on overall warming trajectory, extreme weather, with its immense human and financial toll, is likely to continue”( p. 733). Since measures to reduce greenhouse gas emissions is not taken, the concentration of carbon dioxide in the atmosphere will remain higher and there will be an increase in the annual global …show more content…
In August the Environmental Protection Agency released the Obama administration’s “Clean Power Plan” designed to control carbon dioxide emission from coal-fired power plants (Sower). Under the plan, Sower reported that, each state must devise by Sept. 6, 2016, a customized program for cutting CO2 and it suggests that States can achieve this goal by phasing out older, high-polluting coal-fired power plants, adding renewable energy power sources or trading emission credits in carbon markets (Snower). There is also a shift in view among the general public. Americans increasingly agree that global warming is real and human actions are contributing to it ( Weeks.p.521). According to a report by the Washington post , President Obama has warned that Global warming is a national