UNHINGED GDP GROWTH COULD ACTUALLY DESTROY THE ECONOMY, ECONOMISTS FIND

MAIDSVILLE, WV - AUGUST 21: The Longview Power Plant, a coal-fired plant, stands on August 21, 2018 in Maidsville, West Virginia. The plant's single unit generates 700 net megawatts of electricity from run-of-mine coal and natural gas. In a stop in West Virginia tonight, President Donald Trump is expected to announce a proposal to allow states to set their own emissions standards for coal-fueled power plants. Environmental activists say this would be a massive blow to reducing carbon emissions. (Photo by Spencer Platt/Getty Images)
The Longview Power Plant, a coal-fired plant in Maidsville, W. Va., on Aug. 21, 2018. 

For decades, scientists have warned of the pending crisis for the planet and humanity in the event of runaway climate change. But a new paper from prominent economists frames the situation in language that people might actually understand: Not addressing climate change, they conclude, will lead inevitably to “worldwide economic collapse.”

Researchers also have a warning for renewable energy evangelists and techno-optimists, concluding that it is a fantasy to believe that the economy can grow at a torrid pace — as measured by GDP — while simultaneously reducing or eliminating greenhouse gas.

That’s because the “P” in GDP — production — necessarily requires energy inputs, which means more burning of fossil fuels unless and until the shift is fully made toward clean energy. That’s not a case for despair, though: By allocating less than half of what world governments spend annually on fossil fuel subsidies to mitigation efforts, we can prevent the above dystopia and improve millions of lives in the process — especially compared to what’s coming our way if we don’t. MORE

 

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