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And that doesn't even include "downstream" carbon spewing.
Excerpt from this story from Mother Jones:
What if companies had to pay for the problems their carbon emissions cause? Their profits would plunge, according to new estimates, possibly wiping out trillions in financial gains.
These results, spelled out in a recent study in the journal Science, are based on analysis of almost 15,000 publicly traded companies around the world. To calculate how much each ton of carbon emissions ends up costing society, economists used the Environmental Protection Agencyâs estimate of $190 per ton.Â
For all of those companies combined, the damage would run into the trillions of dollars, Christian Leuz, a coauthor of the study and a business professor at the University of Chicago, told the Associated Press. The researchers only included direct emissions from companies, not âdownstreamâ emissions related to the products they sell. (So emissions from the operations needed to build cars would count; the pollution that comes out of its tailpipe wouldnât.)Â
They found that the cost of damage surpassed profits for highly polluting industries, including energy, utilities, transportation, and materials manufacturersâa group that accounted for 89 percent of the total. Researchers didnât name any specific companies.Â
The study arrives during a summer when the costs of climate change are coming clearly into view, as historic flooding, deadly wildfires, and frequent heat waves have rattled the United States. The administrator of the Federal Emergency Management Agency warned last week that the pace of disasters has been so frequent that itâs running out of cash. And the economic consequences of climate change go beyond emergency response: Extreme heat is believed to cost the US economy billions in lost productivity every year.
But even as the toll of carbon emissions becomes apparent, governments around the world are pouring more money into support for fossil fuel companies than ever before. Last year, subsidies for oil, coal, and natural gas reached a record high of $7 trillion, according to a report out Thursday from the International Monetary Fund, which works out to $13 million every minute. Thatâs nearly double what the world spends on education and equal to roughly 7 percent of global economic output. Subsidies often come in the form of tax breaks intended to keep peopleâs gas prices and energy bills low, but they come with huge costs, slowing the shift to a cleaner economy.
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âWe chose to exclude those provinces with a high carbon footprint,â Riksbank tells The Tyee.
The bank was concerned with Albertaâs total emissions, and by that measure the province is doing terribly. Its oil sands alone did more damage to the climate last year than the entire economy of B.C., and Albertaâs per capita carbon emissions of 62.4 tonnes dwarf those of the U.S. (15.53 tonnes) or even Saudi Arabia (16.85 tonnes).
July 24, 2018 was one of the hottest days in California history, as a searing heat wave of rare intensity, even for the Desert Southwest, sent temperatures soaring to near-record levels. Death Valley hit 127°F, just 2° short of tying the all-time world record for hottest reliably recorded temperature; Palm Springs hit 122°F, just 1° short of tying its all-time record; and Imperial, California topped out at 121°F, their hottest day since 124°F was measured on July 28, 1995.
The temperature might have gone higher on July 24 in Imperial, but clouds streaming in from the Gulf of California brought mostly cloudy skies by mid-afternoon, and rain showers began falling at 3:53 pm PDT. At the time the rain began, the temperature was an astonishingly high 119°F (48.3°C)âa new world record for the hottest temperature ever measured while rain was falling.
Eating fruit and vegetables could avoid deaths per year by 2050
Eating fruit and vegetables could avoid deaths per year by 2050
By eating less meat and more fruit and vegetables, the world could avoid several million deaths per year by 2050, cut planet-warming emissions substantially, and save billions of dollars annually in healthcare costs and climate damage, researchers said. A new study, published in the Proceedings of the National Academy of Sciences of the United States of America, is the first to estimate both theâŠ
