White House: Delay climate change action, pay $150B a year

Delaying efforts to reduce greenhouse gas emissions could cost the US $150 billion per year, the White House warned Tuesday in a report on the economic consequences of inaction on climate change. "Although delaying action can reduce costs in the short run, on net, delaying action to limit the effects of climate change is costly," the report said. "A delay that results in warming of 3 degrees Celsius (5.4 degrees Fahrenheit) above preindustrial levels, instead of 2 degrees, could increase economic damages by approximately 0.9 percent of global output," the report said. "These costs are not one-time, but are rather incurred year after year because of the permanent damage caused by increased climate change resulting from the delay," the report said.

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