Report Says Global Warming Will Cost Millennials $8.8 Trillion
Manmade global warming could permanently flood the streets of New York City, it might be linked to an increase in worldwide conflict, it may cause people around the world tostarve and die, and—maybe worst of all—it looks like it's already killing polar bears. But as if that wasn't enough, if you're a millennial, a new report says it's also about to hit you right in the wallet.
"The millennial generation will lose approximately $8.8 trillion in lifetime income if we fail to act on climate change," according to a new report from NextGen Climate, titled "The Price Tag of Being Young." NextGen's report is based on a UC Berkeley projection from October 2015, which said that the average person's income in the year 2100 will be 23 percent lower than it would be in a world without global warming. In the US alone, the report says, there'll be 5 percent relative loss in income by 2050, followed by a drastic spike to a total of 36 percent by 2100.
The picture of a future economy painted by the report is quite general by design, NextGen spokesperson Suzanne Henkels told VICE. "It only looks at macroeconomic changes—that is, changes in GDP—in scenarios with and without climate change." In other words, rather than projecting economic output by sector, or taking into account corporate profits and losses, it charts two lines on two drastically different graphs: GDP assuming there's no global warming, versus GDP assuming we do nothing to fix global warming and temperatures skyrocket.
"This report makes clear that millennials literally can't afford to wait to address climate change," said Henkels. She noted that millennials overwhelmingly support climate action and said her organization hopes to "make sure millennials show up on November 8 to elect climate champions up and down the ballot."
NextGen Climate was founded by California hedge fund billionaire and environmentalist Tom Steyer, who has fashioned himself into a Democrat version of the Koch Brothers.
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