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Citi Report: Slowing Global Warming Could Save Tens of Trillions of Dollars
Layzej writes with news carried by The Guardian about a report published by the Global Perspectives & Solutions division of Citibank (America's third-largest bank) examining the costs and benefits of a low-carbon future. The report examined two hypothetical futures: one "business as usual," and the other (the "Action" scenario) which includes an aggressive move to reduce energy use and carbon emission.
From the article: "One of the most interesting findings in the report is that the investment costs for the two scenarios are almost identical. In fact, because of savings due to reduced fuel costs and increased energy efficiency, the Action scenario is actually a bit cheaper than the Inaction scenario. Coupled with the fact the total spend is similar under both action and inaction, yet the potential liabilities of inaction are enormous, it is hard to argue against a path of action."
But there will be winners and losers, says the report: "The biggest loser stands to be the coal industry, where we estimate cumulative spend under our Action scenario could be $11.6 trillion less than in our Inaction scenario over the next quarter century, with renewables, wind and nuclear (as well as energy efficiency) the main beneficiaries."
Yes, I'm sure there's no chance the study of financial impact could be true given that it was written by a bunch of tree hugging granola munchers like Citibank. Wait, WHAT?
Yes, what is interesting about this is who wrote it-- this is one of the first detailed analyses of the methods and costs of dealing with global warming that I've seen that is not from an advocacy group, and is written by people who actually have a clue about real world economics.
That seems like a long list until you look at what is on that list. You are placing Atucha in the same category with Fukushima. At Atucha one worker was exposed above the annual limit. That is very different than a meltdown. Of that list there have been 3 releases of radioactivity. Three Mile Island of those was 35 years ago. Chernobyl was built 35 years ago. Technology changes and gets better over time.
When banks do financial analysis for clients, they give the report to their clients. They don't give the report to a newspaper.
When they give reports to newspapers, it's to influence public opinion (which is the same reason every company gives reports to newspapers, it's not only banks who are doing that).
"First they came for the slanderers and i said nothing."