Economic Effects of Climate Change Pose Threat to Americans Born in 2024
Scott Medintz explores a recent analysis commissioned by Consumer Reports and supported by Breakthrough Energy. Conducted by ICF, the study forecasts significant financial burdens for individuals born in 2024 if climate change mitigation efforts are not substantially strengthened. Under scenarios of high emissions, projections indicate potential lifetime costs ranging from $500,000 to $1 million due to increased living expenses and reduced income. These impacts encompass higher housing, energy, food, insurance, and tax expenditures, compounded by diminished labor productivity and savings prospects—all consequences of increased climate change. While focused on U.S. averages, the report underscores the global variability in economic risks stemming from climate change. Chris Harto, Senior Policy Analyst at Consumer Reports, highlights the study’s broader implications beyond environmental concerns, stressing the urgent need for global action to mitigate these economic consequences. In a contrasting scenario with reduced emissions, lifetime savings and investment earnings for 2024-born Americans could improve significantly, with $300,000 in lifetime savings and $25,000 in extra investment earnings. Despite the looming challenges, the report suggests that proactive sustainability measures could still mitigate future economic strains.
SOURCE: Discover more insights from Scott Medintz on ICF’s analysis in the full article, Consumer Reports.
