Economists’ Consensus on Climate Change

Economists’ Consensus on Climate Change Laser Talk

It is known that 97% of climate scientists are convinced, based upon the evidence, that human-caused global warming is happening [1]. Less well known is what economists believe the impacts of greenhouse gases are on the economy.

A study by the Institute for Policy Integrity at the New York University School of Law found that 84% of economists believed that global warming presented a clear danger to the US and global economies [2]. Agriculture, Fishing, Insurance and Health Services were among the industries economists predicted would lose the most productivity as a result of climate change. These industries help form the backbone of the American economy, especially in rural America [3].

While 84% of economists agree that climate change negatively impacts the US economy a resounding 98% agreed that a market based solution could achieve significant reduction in carbon emission while spurring development in a new, more efficient, energy industry.

Renewable energy is generally more labor intensive than fossil fuel use and therefore a 25% increase in renewable energy by 2025 is estimated to result in the net creation of 202,000 jobs [4]. With numbers like these it’s no wonder a strong majority of economists support pricing carbon.

  1. “Consensus: 97% of Climate Scientists Agree”. National Aeronautics and Space Administration. June 9, 2015.
  2. J Scott Holliday, Jonathan Horne, Jason Schwartz. New York University School of Law. November, 2009.
  3. “Industry Employment and Outlook Projections to 2022”. Bureau of Labor Statistics. December, 2013.
  4. “Benefits of Renewable Energy Use”. Union of Concerned Scientists.