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  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)