Why the World’s Rich Nations Must Pay for Climate Damage
Yale E360Dec 15, 2022
In a study published on Tues., data showed that the US, the top historic carbon emitter, caused more than $1.9T in climate damages from greenhouse gas emissions from 1990 to 2014. China, the number two emitter, caused $1.8T in worldwide damages.
The study documents what scientists, officials, and climate activists have described as climate change inequities based on the disproportionate impact on poor nations worldwide.
Poorer nations around the world are suffering the consequences of this environmental exploitation and degradation, despite their limited contribution to global emissions. It's time for wealthy, high-carbon emitting nations to take responsibility for the harm they cause. The Biden admin has pledged before the UN General Assembly for the US to take the lead to help poor nations become more climate resilient.
Fossil fuels aren't inherently bad - they're a cost-efficient energy source that can improve a country's wealth and quality of life. The US must be careful not to cause food and energy shortages by abandoning them altogether. Unfortunately, the left is blindly trying to pursue absurd climate goals like the Green New Deal.
There's a 24% chance that there will be at least 3.6°C of global warming by 2100 according to the Metaculus prediction community.