Today, there was much in the news about the report by the National Roundtable on the Environment and the Economy, which says that the effects of global warming could cost Canada $5 Billion dollars a year by 2020.
If you read my post of January 2010, this would be a great deal! We should embrace this and give up on any attempts to reduce emissions. As I explained previously, reducing emissions will cost around $15 Billion per year just to meet our Copenhagen commitment. And that won’t have any impact on global CO2 emissions, and thus no impact on the climate (if there is a causative link between CO2 and temperature…)
Even if you consider the worst case scenarios of costs rising to $43 Billion a year by 2050, that pales in comparison to the cost of CO2 emission reductions that won’t change anything if the USA, China, India and Brazil don’t take similarly drastic action. And even if they did (and spent enormous amounts of money), the cost of climate change adaptation will STILL be cheaper. This is called a cost-benefit analysis, or economic case comparison.
The correct answer is to stop trying to reduce CO2 emissions and adapt if and when the climate changes.