The Cost of Inaction on Climate Change

How not doing enough is becoming devastating for the planet

We all know that climate change is one of, if not the, most pressing issue of our time. The scientific consensus is clear: the planet is warming and it is putting our livelihoods and ecosystem at a horrifying risk. 

However, something a little less talked about is just how the costs of inaction on climate change are mounting. These costs are not just environmental, but also economic and social and are having dire effects on human life and the planet as a whole. We thought we would explore just how and why this is. 

Economic costs

Let's begin with the economy. The economic costs of climate change are already being felt around the world. Extreme weather events, such as heat waves, droughts, floods, and wildfires, are becoming more frequent and severe. These events are costing nations billions in damage to property and infrastructure and this will only continue to mount up, too. 

In addition to this, climate change is disrupting agricultural production, leading to food shortages and, thus, higher prices. This is particularly impacting developing countries, where millions of people are already living in poverty. However, with the cost of living crisis, even wealthier nations are beginning to feel a massive economic strain. 

The World Bank has produced numerous reports such as "Turn Down the Heat" (2012-2013) and "Shock Waves: Managing the Impacts of Climate Change on Poverty" (2016) which focus on the costs associated with climate change in various regions. 

Social costs

The social costs of climate change are also significant. Extreme weather events are displacing people from their homes, and increasing the risk of death and injury. Again, this is a much larger issue in developing countries where people do not have the resources to properly deal with these issues. Climate change is also exacerbating existing social problems, such as poverty, inequality, and conflict. 

Environmental costs

The environmental costs of climate change are perhaps the most serious ones to consider. For instance, climate change is causing the extinction of species, destroying coral reefs, and melting glaciers. These changes are having a cataclysmic impact on the entire planet, and are threatening our way of life. In turn, these are only exasperating the economic and social costs. It's an all-encompassing issue that continues to worsen as inaction prevails. 

The future of inaction

The truth is, if we do not take action to address climate change, the costs (economically, socially, and environmentally) will continue to rise. The economic, social, and environmental costs of inaction will become irreversible and staggering.

The bottom line is; we cannot afford to wait any longer. We need to take action now to reduce greenhouse gas emissions and adapt to the impacts of climate change. The future of our planet depends on it.

The C2ES has emphasised that early action on climate change can bring multiple benefits, including job creation, technological innovation, improved air quality, and enhanced energy security

You can do your part by joining Together For Climate. With multiple climate subscriptions, you can play your part in ensuring that a lack of action doesn't have dire consequences.