Posted on Jul 24, 2013
So how much is this economic time bomb called using oil, coal and gas going to cost us? Well, about $60 trillion, yes trillion, a very big number that you probably have a hard time imagining. To give you some idea, the entire world economy in 2012 was about $70 trillion...for everything. I guess it costs a bit to clean up New York City when it is under several meters of water...not to mention every other coastal city in the world.
Anything obvious come to mind? Why don't we save ourselves $60 trillion and the economic time bomb that it represents, and stop using oil, coal and gas. Yes, we can. Yes, we must if we want a future for our children. This is the economics of climate change. It is happening and our destruction is profitable for oil, coal and gas companies. The rest of us can do just fine with the more than abundant and economic salvation that renewable forms of energy provide. The problem is only in the mind. We can and must, given this pending catastrophe switch away from oil, coal and gas, quickly. By 2015 the arctic may be completely ice free.
The methane in Siberia is starting to be released, and there is about 50 gigatonnes ready to go in the permafrost. We are unleashing one of the long predicted climate tipping points that spell disaster. If you are confused about the climate science, then simply focus on the economic time bomb component. Science says it will cost us far more than the oil, coal and gas is worth in the long run. Methane is twenty times as potent as carbon as a greenhouse gas, so we are triggering a massive tipping point that will cost us more than we can ever pay. Switch to renewables now and put the oil, coal and gas companies out of business. That is the only solution.