| September 10, 2009 |  |
Unchecked Climate Change Could Cost East Billions
WASHINGTON (September 10, 2009) – Unchecked climate change could saddle taxpayers, businesses, and state and local governments on the East Coast with hundreds of billions of dollars in damages, according to a new report released today by the Union of Concerned Scientists (UCS). The report, "Climate Change in the United States: The Prohibitive Costs of Inaction," is an overview of more than 60 studies analyzing the potential financial toll of global warming if we fail to dramatically curb emissions. The costs are largely due to rising sea levels, more intense hurricanes, flooding, declining public health, strained energy and water resources, and impaired transportation infrastructure.
"What makes the East Coast special is also what attracts a lot of tourists," said Lexi Shultz, deputy director of the Climate Program at UCS. "If we don't address climate change, the Northeast could lose hundreds of millions of dollars a year from lost skiing revenue because of the loss of snow. And Florida's tourism industry stands to lose more than $100 billion a year by the end of the century as its coasts get swamped by sea level rise."
The good news is that the cost of taking preventive action would be dramatically less than the cost of doing nothing. Two nonpartisan federal agencies recently calculated the cost of a climate and energy bill, passed by the House of Representatives in June, that would promote clean energy technologies and curb global warming emissions. The Department of Energy's Energy Information Administration estimated that the bill would increase U.S. household energy bills by only $10 a month in 2020. The Congressional Budget Office arrived at a similar estimate. As Energy Secretary Steven Chu pointed out, "We can move to a clean energy future at a cost of less than a postage stamp per family per day."
"The investments we need to make in a clean energy economy are clearly affordable and will pay major dividends," said Rachel Cleetus, climate economist at the Union of Concerned Scientists. "What we can't afford are the steep and rising costs of doing nothing."
Global warming already has altered the U.S. climate, the report pointed out: "Average U.S. temperatures have already risen by 2°F over the past 50 years, and are projected to rise another 7°F to 11°F by the end of this century" if we do not significantly cut emissions. Given that heat-trapping gases remain in the atmosphere for decades or even centuries, continuing to emit them at current rates would place a massive burden on generations to come.
Below are just some examples of costs that would be incurred due to sea level rise, extreme weather events, and diminished tourism if global warming continues unabated.
IN THE NORTHEAST
Northeast tourism revenues are closely tied to leisure activities that rely on today's climate. If emissions continue on their current trajectory, many recreation areas are projected to become unsuitable for skiing or snowmobiling. The region could lose $405 million to $810 million in annual skiing revenues.
Sugar maples and other trees that produce the region's stunning fall foliage also are vulnerable to a warming climate. The region stands to lose $5 million to $12 million annually from maple sugar losses alone, due to shrinking tree habitat and decreased sap flow.
Sea level rise, meanwhile, comes with a high price tag. Constructing seawalls to protect Northeast towns and cities, an imperfect solution at best, could cost as much as $1.2 billion. And that estimate does not include the cost of constantly pumping rain and groundwater out of the walled area. If sea levels rise 18 inches by 2100, which is projected under a number of emissions trajectories, Boston would face an estimated $13 billion in cumulative costs from flooding.
IN THE SOUTHEAST
Rising sea levels could have a devastating impact on the Southeast. In North Carolina, for example, a sea-level rise of 18 inches could cost the beach recreation industry $11 billion in cumulative damages by 2080 and cause $2 billion in cumulative property damage by 2100.
In Georgia, a projected a sea-level rise of 20 inches could require a cumulative $1.3 billion in sand replenishment by 2100, and lead to a loss of 5,000 jobs in the tourism industry.
Meanwhile, Florida sea level rise is projected to result in residential real estate losses of as much as $60 billion per year by 2100. Florida's tourism industry risks losing $178 billion annually by 2100 due to severe beach erosion, Everglades flooding, and coral bleaching. By 2100, Florida residents could be socked with $19 billion annually in additional costs for air conditioning.
And when we're talking about Florida, we can't leave out hurricanes. Property damage costs associated with more intense hurricanes are projected to reach $111 billion annually by 2100.
The Union of Concerned Scientists puts rigorous, independent science to work to solve our planet's most pressing problems. Joining with citizens across the country, we combine technical analysis and effective advocacy to create innovative, practical solutions for a healthy, safe, and sustainable future.
