FOR IMMEDIATE RELEASE
May 22, 2008
11:51 AM
CONTACT: NRDC
Eric Young, NRDC, 202-289-2373 or 703-217-6814 (cell)
New Report Finds Doing Nothing on Global Warming Comes with a Huge Price Tag
WASHINGTON, DC – May 22 – A report released today by researchers at Tufts University, commissioned by the Natural Resources Defense Council (NRDC), presents two ways of estimating the costs of inaction on climate change, both leading to staggering bottom lines. A comprehensive estimate, based on state-of-the-art computer modeling, finds that doing nothing on global warming will cost the United States economy more than 3.6 percent of GDP – or $3.8 trillion annually (in today’s dollars) – by 2100. On the other hand, a detailed, bottom-up analysis finds that just four categories of global warming impacts — hurricane damage, real estate losses, increased energy costs and water costs — will add up to a price tag of 1.8 percent of U.S. GDP, or almost $1.9 trillion annually (in today’s dollars) by 2100.