
Concerted action on climate change is looking like a bargain after research findings that the notional cost to society of global warming damage caused by carbon dioxide emissions has been seriously underestimated.
The U.S. Environmental Protection Agency calculates the “social cost of carbon” at $37 per tonne—a figure used to guide current energy regulations and possible future mitigation policies. But two U.S. researchers now put the cost for CO2 emitted in 2015 about six times higher—at $220 a tonne.
They report in Nature Climate Change that damage from climate change could directly affect economic growth rates, and will go on doing so, because each “temperature shock” could have a persistent effect that would permanently lower gross domestic product—the wealth indicator used by all economists—from what it would be if the world wasn’t warming.
In which case, nations have a greater incentive to step up efforts to curb carbon emissions.
Mitigation measures
“If the social cost of carbon is higher, many more mitigation measures will pass a cost-benefit analysis,” says one of the report’s authors, Delavane Diaz, of the Department of Management Science and Engineering at Stanford University, California. “Because carbon emissions are so harmful to society, even costly means of reducing emissions would be worthwhile.”
Her co-author, Frances Moore, of Stanford’s School of Earth Sciences, says: “For 20 years now, the models have assumed that climate change can’t affect the basic growth rate of the economy. But a number of new studies suggest this may not be true.
“If climate change affects not only a country’s economic output but also its growth, then that has a permanent effect that accumulates over time, leading to a much higher social cost of carbon.”
All such studies are based on assumptions and necessary simplifications. They have to take in not just the link between rising temperature and direct impacts on health, agriculture and coastal protection, but also population growth, changes in social patterns and national economic development.
They also make assumptions that the richer countries will better be able to absorb the shock of climate change, which in turn then becomes an argument for delaying action while the poorer countries advance their development.
Economic assessment
But the two Stanford researchers re-examined the climate impact and economic assessment models widely used by North American and European nations to put a measure to the cost of carbon emissions, and made a set of changes.
They allowed climate change to affect economic growth rates, they accounted for adaptation to climate change, and they divided their model to represent both low-income and high-income countries.
The conclusion is that the damage to growth rates is severe enough to justify very rapid and very early steps to limit the rise of average global temperatures to the 2°C above pre-industrial levels that most nations have agreed is necessary to avert the worst effects.
Moore says: “Until now, it’s been very difficult to justify aggressive and potentially expensive mitigation measures because the damages just aren’t large enough.”
YOU MIGHT ALSO LIKE
Senator Bernie Sanders Asks: Does Congress Believe Climate Change Is Real?
Butterflies across the U.S. West are disappearing, and now researchers say the climate crisis is largely to blame.
- New Clues Help Monarch Butterfly Conservation Efforts - EcoWatch ›
- Monarch Butterflies Will Be Protected Under Historic Deal - EcoWatch ›
EcoWatch Daily Newsletter
California faces another "critically dry year" according to state officials, and a destructive wildfire season looms on its horizon. But in a state that welcomes innovation, water efficacy approaches and drought management could replenish California, increasingly threatened by the climate's new extremes.
- Remarkable Drop in Colorado River Water Use Sign of Climate ... ›
- California Faces a Future of Extreme Weather - EcoWatch ›
Trending
Wisdom the mōlī, or Laysan albatross, is the oldest wild bird known to science at the age of at least 70. She is also, as of February 1, a new mother.
<div id="dadb2" class="rm-shortcode" data-rm-shortcode-id="aa2ad8cb566c9b4b6d2df2693669f6f9"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1357796504740761602" data-partner="rebelmouse"><div style="margin:1em 0">🚨Cute baby alert! Wisdom's chick has hatched!!! 🐣😍 Wisdom, a mōlī (Laysan albatross) and world’s oldest known, ban… https://t.co/Nco050ztBA</div> — USFWS Pacific Region (@USFWS Pacific Region)<a href="https://twitter.com/USFWSPacific/statuses/1357796504740761602">1612558888.0</a></blockquote></div>
The Science Behind Frozen Wind Turbines – and How to Keep Them Spinning Through the Winter
By Hui Hu
Winter is supposed to be the best season for wind power – the winds are stronger, and since air density increases as the temperature drops, more force is pushing on the blades. But winter also comes with a problem: freezing weather.
Comparing rime ice and glaze ice shows how each changes the texture of the blade. Gao, Liu and Hu, 2021, CC BY-ND
Ice buildup changes air flow around the turbine blade, which can slow it down. The top photos show ice forming after 10 minutes at different temperatures in the Wind Research Tunnel. The lower measurements show airflow separation as ice accumulates. Icing Research Tunnel of Iowa State University, CC BY-ND
How ice builds up on the tips of turbine blades. Gao, Liu and Hu, 2021, CC BY-ND
While traditional investment in the ocean technology sector has been tentative, growth in Israeli maritime innovations has been exponential in the last few years, and environmental concern has come to the forefront.
theDOCK aims to innovate the Israeli maritime sector. Pexels
<p>The UN hopes that new investments in ocean science and technology will help turn the tide for the oceans. As such, this year kicked off the <a href="https://www.oceandecade.org/" target="_blank" rel="noopener noreferrer">United Nations Decade of Ocean Science for Sustainable Development (2021-2030)</a> to galvanize massive support for the blue economy.</p><p>According to the World Bank, the blue economy is the "sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of ocean ecosystem," <a href="https://www.sciencedirect.com/science/article/pii/S0160412019338255#b0245" target="_blank" rel="noopener noreferrer">Science Direct</a> reported. It represents this new sector for investments and innovations that work in tandem with the oceans rather than in exploitation of them.</p><p>As recently as Aug. 2020, <a href="https://www.reutersevents.com/sustainability/esg-investors-slow-make-waves-25tn-ocean-economy" target="_blank" rel="noopener noreferrer">Reuters</a> noted that ESG Investors, those looking to invest in opportunities that have a positive impact in environmental, social and governance (ESG) issues, have been interested in "blue finance" but slow to invest.</p><p>"It is a hugely under-invested economic opportunity that is crucial to the way we have to address living on one planet," Simon Dent, director of blue investments at Mirova Natural Capital, told Reuters.</p><p>Even with slow investment, the blue economy is still expected to expand at twice the rate of the mainstream economy by 2030, Reuters reported. It already contributes $2.5tn a year in economic output, the report noted.</p><p>Current, upward <a href="https://www.ecowatch.com/-innovation-blue-economy-2646147405.html" target="_self">shifts in blue economy investments are being driven by innovation</a>, a trend the UN hopes will continue globally for the benefit of all oceans and people.</p><p>In Israel, this push has successfully translated into investment in and innovation of global ports, shipping, logistics and offshore sectors. The "Startup Nation," as Israel is often called, has seen its maritime tech ecosystem grow "significantly" in recent years and expects that growth to "accelerate dramatically," <a href="https://itrade.gov.il/belgium-english/how-israel-is-becoming-a-port-of-call-for-maritime-innovation/" target="_blank" rel="noopener noreferrer">iTrade</a> reported.</p><p>Driving this wave of momentum has been rising Israeli venture capital hub <a href="https://www.thedockinnovation.com/" target="_blank" rel="noopener noreferrer">theDOCK</a>. Founded by Israeli Navy veterans in 2017, theDOCK works with early-stage companies in the maritime space to bring their solutions to market. The hub's pioneering efforts ignited Israel's maritime technology sector, and now, with their new fund, theDOCK is motivating these high-tech solutions to also address ESG criteria.</p><p>"While ESG has always been on theDOCK's agenda, this theme has become even more of a priority," Nir Gartzman, theDOCK's managing partner, told EcoWatch. "80 percent of the startups in our portfolio (for theDOCK's Navigator II fund) will have a primary or secondary contribution to environmental, social and governance (ESG) criteria."</p><p>In a company presentation, theDOCK called contribution to the ESG agenda a "hot discussion topic" for traditional players in the space and their boards, many of whom are looking to adopt new technologies with a positive impact on the planet. The focus is on reducing carbon emissions and protecting the environment, the presentation outlines. As such, theDOCK also explicitly screens candidate investments by ESG criteria as well.</p><p>Within the maritime space, environmental innovations could include measures like increased fuel and energy efficiency, better monitoring of potential pollution sources, improved waste and air emissions management and processing of marine debris/trash into reusable materials, theDOCK's presentation noted.</p>theDOCK team includes (left to right) Michal Hendel-Sufa, Head of Alliances, Noa Schuman, CMO, Nir Gartzman, Co-Founder & Managing Partner, and Hannan Carmeli, Co-Founder & Managing Partner. Dudu Koren
<p>theDOCK's own portfolio includes companies like Orca AI, which uses an intelligent collision avoidance system to reduce the probability of oil or fuel spills, AiDock, which eliminates the use of paper by automating the customs clearance process, and DockTech, which uses depth "crowdsourcing" data to map riverbeds in real-time and optimize cargo loading, thereby reducing trips and fuel usage while also avoiding groundings.</p><p>"Oceans are a big opportunity primarily because they are just that – big!" theDOCK's Chief Marketing Officer Noa Schuman summarized. "As such, the magnitude of their criticality to the global ecosystem, the magnitude of pollution risk and the steps needed to overcome those challenges – are all huge."</p><p>There is hope that this wave of interest and investment in environmentally-positive maritime technologies will accelerate the blue economy and ESG investing even further, in Israel and beyond.</p>- 14 Countries Commit to Ocean Sustainability Initiative - EcoWatch ›
- These 11 Innovations Are Protecting Ocean Life - EcoWatch ›
- How Innovation Is Driving the Blue Economy - EcoWatch ›