Climate change is estimated to cost the world economy $1.2 trillion annually

In Polytricks, Weather on December 26, 2012 at 10:28 am

This large fact should help the climate change deniers re-evaluate their objections to passing treaties and laws to drastically reduce CO2 emissions.  Insurance corporations are suffering huge losses.  Insurance claims have doubled each decade since 1980.  So in order to save their industry it seems reasonable to predict that the cost of insuring climate change will become prohibitive quite soon.  In other words oil corporations fighting climate change regulation are guaranteeing that individuals will pay all the real costs of climate change.

Insurance corporations make detailed risk assessments.  They have to.  They know that climate change is real and they have mostly got out of flood insurance because of the risks involved leaving it to governments to bear the brunt of these increasing costs.  So the next time you hear a climate change denying corporate talking head blathering on about the ‘costs’ of dealing with climate change remember that this means that tax payers are going to foot all the bills.

Classic corporate scam, privatize the profits and socialize the costs.  But in the end the tax payer will be on the hook for such great losses that social funding will collapse.  So really our civil society is at risk due to government and corporate intransigence over climate change.




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