When It Comes to Climate, There’s No Such Thing as a Free Lunch

For Jim Adams’ Thursday Inspiration prompt, Jim said to respond by either by using the prompt word free, or by going with the above picture, to which I added the words “Nothing Is.”

For Jim’s Mindlovemisery’s Menagerie Friday Faithfuls prompt, which was about climate change to respond whether if we think that climate change is a real thing, or if we think that it is just a hoax.

I’m combining Jim’s two prompts with the premise that climate change is not a hoax and if we don’t deal with it now, which means making serious investments in programs designed to abate climate change, we should be prepared to suffer dire consequences.

According to a Morgan Stanley study, climate-related disasters cost the world $650 billion from 2016-2018. A report by the consulting firm Deloitte suggests that inaction on combating climate change could cost the U.S. economy $14.5 trillion by 2070.

An analysis by the Office of Management and Budget, which administers the federal budget, predicts that floods, drought, wildfires, and hurricanes made worse by climate change could cost the U.S. federal budget about $2 trillion each year — a 7.1% loss in annual revenue — by the end of the century. The report also warned the U.S. government might have to spend an additional $25 billion to $128 billion each year in areas such as coastal disaster relief, flood insurance, crop insurance, health-care insurance, wildland fire suppression, and flooding at federal facilities.

Addressing Climate Change Is Expensive

The Organization for Economic Co-operation and Development (OECD), an intergovernmental organization with 38 member countries, puts the cost of achieving the UN’s Sustainable Development Goals, in a way compatible with the Paris climate accord, at $6.9 trillion a year, to 2030. And a 2019 World Bank estimate suggests the necessary global infrastructure investment would cost $90 trillion by 2030.

But on the positive side, the Deloitte report suggests that, while measures that help people adapt to these negative impacts incur costs, evidence shows that the future benefits of action overwhelmingly outweigh the future costs of inaction. In addition, the UK National Audit Office estimates that, for every £1 spent on protecting communities from flooding, around £9 in property damages and wider impacts can be avoided.

Further, economic studies postulate that United States economy could gain $3 trillion if it rapidly decarbonizes over the next 50 years. This once-in-a-generation transformation could add nearly 1 million more jobs to the U.S. economy by 2070.

So, when it comes to effectively dealing with climate change, there’s no such thing as a free lunch.

15 thoughts on “When It Comes to Climate, There’s No Such Thing as a Free Lunch

  1. newepicauthor August 26, 2022 / 4:23 pm

    My head is spinning with numbers, but nothing sounds like a free lunch, Fandango. Great post and it sems like we have reached a now or never moment on climate change. Thanks for explaining this so well.

    Liked by 2 people

    • Fandango August 26, 2022 / 7:40 pm

      Thanks, Jim. I hope you don’t mind my combining your two prompts into one post.

      Liked by 1 person

      • newepicauthor August 27, 2022 / 6:00 am

        That is never a problem and I admire your ability to be so adept at that. I am not so sure how much longer I will be hosting the Friday faithful challenge, as nobody seems to respond to this, and I appreciate your participation.

        Liked by 1 person

        • Fandango August 27, 2022 / 10:27 am

          I think the problem with Friday Faithfuls is that it’s hard to know what it’s supposed to be about, but that seems to be happening with a number of other MLMM prompts, recently.

          Liked by 1 person

          • newepicauthor August 27, 2022 / 10:30 am

            I was told to make it mine and do whatever I want, but the problem is that I have no idea what I am doing. I was thinking about making next week about space travel and after that I have nothing.

            Liked by 1 person

            • Fandango August 27, 2022 / 11:50 am

              What ever happened to First Line Friday? Maybe you could resurrect that if you’re stuck.

              Liked by 1 person

  2. Marilyn Armstrong August 26, 2022 / 8:40 pm

    Reblogged this on SERENDIPITY: SEEKING INTELLIGENT LIFE ON EARTH and commented:
    I think if we don’t deal with it, our great grandchildren won’t have a world to live in. Also, wouldn’t it be nice if the auto manufacturers released all the research that has been done on alternate fuel sources for cars? Trash can actually be converted to fuel with only minor changes to existing engines which which give us something useful to do with all that trash AND a cheap way to run vehicles without destroying the climate. What a concept!

    Liked by 2 people

  3. Leyde Ryan August 27, 2022 / 5:59 pm

    My 2 cents: I don’t know why anyone should be surprised by Global Warming, nor the continuing belief by some that it’s a “hoax”. Denial is how this country has operated since the beginning–whether it’s weather, financial debt, healthcare issues, education, politics, racism, how the media is a giant manipulator, etc etc etc. I get cranky just thinking about it…

    Liked by 2 people

    • Fandango August 27, 2022 / 6:07 pm

      I agree. On those issues, it’s the head in the sand syndrome (HITSS).

      Liked by 1 person

      • Leyde Ryan August 27, 2022 / 10:29 pm

        Exactly, and I’m tired of it–why can’t the “leaders” be grownups!!

        Liked by 1 person

  4. leigha66 September 3, 2022 / 11:54 am

    Interesting. Now if someone in government would actually address the issue.

    Liked by 1 person

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