Mitigation and the emerging economic consensus

There’s an emerging economic consensus — in parallel with the scientific consensus — that investing in mitigation and adaptation is good value for money.

Joe Romm points out an overlooked conclusion of a recent IIED study by Martin Parry and others on the underestimated cost of adaptation, Romm notes:

In the “aggressive abatement” case (450 ppm), the mean “Net present value [NPV] of climate change impacts” is only $410 trillion — or $275 trillion with adaptation.  So stabilizing at 450 ppm reduces NPV impacts by $615 to $830 trillion. But the abatement NPV cost is only $110 trillion — a 6-to-1 savings or better.

In English that means investing $1 in mitigation saves $6 in damages from unmitigated climate change. A similar conclusion to the Stern Review.

Read Romm’s full post here.