Can the human race use the lessons learnt during the Covid epidemic to start addressing climate change as the existential threat that we know it is? Estimates vary as to what the Covid epidemic has cost, but economists estimate roughly $28 Trillion. Now while that sounds huge, it is only about 1/3 of global output annually. Given that Covid has taken place over around 2 years, that means an output reduction of less than 20%.
Now it is true, that governments around the world have spent vast amounts money propping up economies and trying to avoid as much of the pain as possible.
Climate change is predicted to cost about $23 trillion per year by 2050!
In other words, economists are predicting that in 28 years, we will have to find almost the price of fighting Covid – every year (remember that the Covid costs have been spread out over 2 years).
CAN YOU IMAGINE THAT?
We are marching towards a future, where we pay out almost the whole cost of COVID every year, to mitigate the effects of climate change.