Economics and the climate crisis – The Irish Times - The Irish Times
Economics and the climate crisis - The Irish Times
Sir, – Naomi O’Leary grasps the nettle of the conundrum of economic growth as universally measured by gross domestic product (GDP while trying to curb greenhouse gas emissions (“ Ireland can’t claim tax of multinationals while disowning their emissions”, World, Analysis, May 18th).
Paolo Gentiloni of the European Commission acknowledged that GDP as a measure is deeply institutionally embedded: “...when we look to the IMF, OECD, European Union forecasting and outlook, most of the attention is on the internationally recognised indicators that we presented this morning”.
GDP does not care about the environment or emissions or water quality. All it wants is for the number to increase year on year to keep our world economy afloat. The president of the European Commission, Ursula von der Leyen, seems to understand the problem, saying: “A growth model centred on fossil fuels is simply obsolete” and “that economic growth is not an end in itself”.
With Ireland leading the way among the 27 countries of the European Union with a 12.3 percentage increase in greenhouse gas emissions compared with the same period in the previous year, are we not in this country destroying the very foundations of what sustains life on our planet with such questionable economic activity? – Yours, etc,
TOM McELLIGOTT,
Listowel,
Co Kerry.
Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”