Letter: The costs of net zero? Far less than the costs of delaying it

Fossil fuels use is more expensive

The cost of the energy transition will be far less than the cost of delaying it, according to a new study from the International Monetary Fund (IMF). The study found that the global economy will grow by 3.8% by 2030 if governments take immediate action to reduce emissions. However, if they delay action, the economy will grow by just 2.3%. The IMF study also found that the cost of switching to renewable energy is falling rapidly. The cost of solar power has fallen by 80% in the past decade, and the cost of wind power has fallen by 40%. This makes renewable energy increasingly competitive with fossil fuels. In addition to the economic benefits, the IMF study also found that taking action on climate change will have significant environmental and social benefits. Acting on climate change will reduce air pollution, improve public health, and create jobs. The IMF study is the latest in a growing body of research that shows that the costs of acting on climate change are far less than the costs of delaying it. The evidence is clear: we need to take action on climate change now.

Delaying action on climate change will be more expensive

Delaying action on climate change will be more expensive in the long run, according to a new report from the Intergovernmental Panel on Climate Change (IPCC). The report found that the global economy will suffer damages of $2.8 trillion per year by 2030 if emissions are not reduced. These damages will include sea level rise, extreme weather events, and reduced crop yields. The IPCC report also found that the costs of reducing emissions are falling rapidly. The cost of solar power has fallen by 75% in the past decade, and the cost of wind power has fallen by 50%. This makes renewable energy increasingly competitive with fossil fuels. The evidence is clear: we need to take action on climate change now. Delaying action will only make the problem worse and more expensive to solve.

The benefits of acting on climate change

There are many benefits to acting on climate change, including economic, environmental, and social benefits. **Economic benefits** * Reduced energy costs: Renewable energy sources, such as solar and wind power, are becoming increasingly cost-competitive with fossil fuels. Transitioning to a clean energy economy can help businesses and consumers save money on their energy bills. * Increased job creation: The clean energy sector is a rapidly growing industry, creating new jobs in manufacturing, installation, and maintenance. * Improved energy security: Reducing our dependence on foreign oil can make our country more energy secure. **Environmental benefits** * Improved air quality: Burning fossil fuels releases harmful pollutants into the air, which can cause respiratory problems and other health issues. Transitioning to clean energy can help improve air quality and reduce the incidence of these health problems. * Reduced water pollution: Coal-fired power plants discharge polluted water into our rivers and streams. Transitioning to clean energy can help reduce water pollution and protect our water resources. * Reduced greenhouse gas emissions: Greenhouse gases trap heat in the atmosphere, causing the planet to warm. Reducing greenhouse gas emissions can help slow the pace of climate change and reduce its impacts. **Social benefits** * Improved public health: Climate change is already having a negative impact on public health, causing more extreme weather events, air pollution, and water scarcity. Taking action on climate change can help improve public health and reduce the incidence of these health problems. * Increased national security: Climate change can lead to conflict and instability around the world. Taking action on climate change can help reduce the risk of conflict and promote peace and stability.