A new survey released yesterday by the Institute for Policy Integrity at the New York University School of Law found two-thirds of the over 700 economists polled recognize that climate action is cheaper than inaction. Of those surveyed, 74% agree “immediate and drastic action is necessary” to address the climate crisis, and 70% think climate change will worsen economic inequality. The economists embraced net-zero goals, and estimated that failure to act on the climate crisis will cost $1.7 trillion, annually by the mid-2020s, rising to about $30 trillion a year by 2075.
“There is a clear consensus among these experts that the status quo seems far more costly than a major energy transition,” which is why “economists overwhelmingly support rapid emissions reductions,” Derek Sylvan of NYU School of Law, who led the survey, said. This survey comes just a week after one by the National Association for Business Economics, which found that “seventy percent of [205] respondents believe that economic policy should do more to mitigate climate change,” according to NABE survey chair Ilan Kolet. (CNN, The Independent, Thomson Reuters Foundation, E&E $, Reuters, Axios; NABE survey: Axios)